459-080-0015 Investment of IAP Account Balance (1) Definitions. For the purposes of this rule: (a) “IAP account” means the employee account, employer account, and rollover account established under ORS 238A.350. (b) “Retirement allocation fund” has the same meaning as defined in OAR 459-007-0001(10). (c) “Retirement installments fund” has the same meaning as defined in OAR 459-007-0001(11). (d) “Target date fund” has the same meaning as defined in OAR 459-007-0001(12). (e) “Valid election” means a member election, received by PERS no later than September 30 of a calendar year, to have their IAP account balance and new contributions invested in a target date fund of their choice that can be administered by PERS and will take effect on January 1 of the following calendar year. (2) Each member’s IAP account balance will be invested in one of the target date funds based upon the member’s birth year, except as provided in sections (4), (5), and (6) of this rule. (3) Once PERS accepts as administrable a divorce decree that awards a portion of a non-retired member’s IAP account to an alternate payee, PERS will administer the decree accordingly and the alternate payee IAP account will be allocated to a target date fund based on the alternate payee’s birth year. PERS will allocate the alternate payee’s IAP account to the appropriate target date fund effective December 31 of the last closed year for earnings crediting, as of the date PERS administers the decree. (4) During the calendar year when a retired member who elected IAP installment payments reestablishes active membership, the member’s remaining IAP account balance and any new IAP contributions will be allocated in the retirement installments fund. Beginning on the first day of the following calendar year, the member’s remaining IAP account balance and any new IAP contributions will be allocated to a target date fund based on the member’s birth year unless the member made a valid election for a different target date fund under section (6) of this rule. (5) Except as otherwise provided in this paragraph, a deceased non-retired member’s IAP account will be distributed from the member’s target date fund. Once the account has been processed for distribution, any balance that remains at the end of the month in which the first distribution is made will be allocated to the retirement installments fund as of the first of the following month. All remaining distributions will be made from the retirement installments fund. (6) Each calendar year from January through September, a member with a non-retired IAP account may make one valid election. (a) A valid election made under this section cannot be changed or canceled. (b) In the event a member submits more than one election in a calendar year, PERS will only consider the valid election with the earliest receipt date. Statutory/Other Authority: ORS 238A.450 Statutes/Other Implemented: ORS 238A.050, OL 2018, Ch. 118 & OL 2019, Ch. 355, Sec. 2 History: PERS 6-2020, amend filed 05/29/2020, effective 05/29/2020 PERS 9-2019, amend filed 12/06/2019, effective 12/06/2019 PERS 12-2018, amend filed 10/05/2018, effective 10/05/2018 PERS 2-2018, adopt filed 02/02/2018, effective 02/02/2018 PERS 7-2017, temporary adopt filed 12/01/2017, effective 12/01/2017 through 05/29/2018