justicedao/ipfs_state_laws huggingface dataset:
459-045-0032 General Administration for OPSRP Pension Program (1) If a retired member changes the beneficiary designation pursuant to a final court order, the member’s monthly benefit must be recalculated. (a) The benefit recalculation shall be effective the first of the month after the month in which PERS receives a written request from the member to change beneficiary. (b) The request must provide the full name, a copy of proof of birth, and the relationship of the new beneficiary to the member. (2) If a final court order provides that a retired member may elect to receive the higher benefit pursuant to ORS 238A.190(2), in order to make that election the member must submit a written request to PERS. (3) A member is released from a court ordered benefit payment option: (a) If the alternate payee award is a reduction, and (b) The alternate payee is eligible to elect a separate benefit option at any time after the member’s earliest retirement eligibility and elects to do so on or before the member’s effective retirement date. (4) An alternate payee award of a member’s disability benefit must end when the member is no longer eligible for a disability benefit pursuant to ORS 238A.235(4). (5) An alternate payee award of a pre-retirement death benefit is payable only if, at the time of the member’s death, a benefit would be otherwise payable under ORS 238A.230(1). (6)(a) PERS shall provide to the alternate payee a written summary of the information used in calculating the alternate payee’s pension or benefit. An alternate payee may dispute the accuracy of the information used in making the calculation by filing a written notice with PERS by the later of: (A) The 30th day after the date on which the calculation and information is provided to the alternate payee under this section; or (B) The 30th day after the issue date of the first actual, not estimated, payment of a pension or benefit to the alternate payee. (b) Upon receiving a notice as described above, PERS shall determine the accuracy of the disputed information and make a written decision either affirming the accuracy of the original information and calculation or changing the calculation using corrected information. PERS shall provide the alternate payee a copy of the decision and a written explanation of any applicable statutes and rules. (c) This section does not limit any authority of PERS to correct an incorrect computation of any retirement allowance or benefit. (7) If an alternate payee was a partner of the member, the award to the alternate payee is a distribution to the member for federal tax purposes. Therefore an award of a monthly benefit amount as described in OAR 459-045-0012(2)(b), (3)(b), and (4)(b) is only administrable as a deduction from the member’s monthly payment. Statutory/Other Authority: ORS 238.465 & 238A.450 Statutes/Other Implemented: ORS 238.450, 238.465 & 238A.450 History: PERS 4-2010, f. & cert. ef. 5-28-10
459-045-0034 General Administration for Individual Account Program (IAP) (1) A percentage award will be applied against the member’s account(s) to the extent the member is vested in the account(s). A dollar amount will be applied on a pro-rata basis against the member’s account(s) to the extent the member is vested in the account(s). (2) An alternate payee account shall be credited with earnings and losses in accordance with OAR chapter 459, division 007. (3) Employee Pension Stability Accounts are accounts under the IAP and are not independently awardable in a divorce proceeding. Any EPSA excess, as defined in 459-005-0001, will be paid to the member, beneficiary, and/or alternate payee in the same proportion as the IAP division of benefits. (4)(a) At the time of distribution to the alternate payee, PERS shall provide the alternate payee a written summary of the information used in making the calculation for the distribution of benefits. An alternate payee may dispute the accuracy of the information used in making the calculation of the distribution of benefits by filing a written notice with PERS by the later of: (A) The 30th day after the date on which the information and calculation is provided to the alternate payee under this section; or (B) The 30th day after the issue date of the first distribution of benefits to the alternate payee. (b) Upon receiving a notice as described above, PERS shall determine the accuracy of the disputed information and make a written decision either affirming the accuracy of the original information and calculation or changing the calculation using corrected information. PERS shall provide the alternate payee with a copy of the decision and a written explanation of any applicable statutes and rules. (c) This section does not limit any authority of PERS to correct an incorrect calculation of any benefit. (5) If an alternate payee was a partner of the member, the award to the alternate payee is a distribution to the member for federal tax purposes. Therefore, an award of an alternate payee account as described in OAR 459-045-0014(2) and (3) will not be distributed until such distribution would not jeopardize the plan’s tax qualified status. Statutory/Other Authority: ORS 238.465, ORS 238.650 & ORS 238A.450 Statutes/Other Implemented: ORS 238.465 & ORS 238A.450 History: PERS 5-2021, amend filed 07/23/2021, effective 07/23/2021 PERS 4-2010, f. & cert. ef. 5-28-10
459-045-0040 Requesting Information from PERS (1) PERS may not provide member information or alternate payee information to anyone other then the member or alternate payee respectively, including representatives of the member or alternate payee, unless PERS receives: (a) A member release. (b) An alternate payee release. (c) A judicial order, subpoena, or administrative order pursuant to OAR 459-060-0030. (2) A subpoena must be made out to the Oregon Public Employees Retirement System and served at PERS Tigard Headquarters. Faxed subpoenas will not be accepted. PERS reserves the right to object to any subpoena for reasons that include but are not limited to: (a) The subpoena fails to provide a reasonable time for preparation and travel. (b) The subpoena is otherwise unreasonable or oppressive. (c) That service was improper. (3) An alternate payee with a final court order that has been received and approved as administrable by PERS may submit a written request for an estimate under the provisions of OAR 459-005-0250(1). Statutory/Other Authority: ORS 238.465, 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.465 History: PERS 4-2010, f. & cert. ef. 5-28-10 PERS 10-2003, f. & cert. ef. 8-4-03 PERS 5-1996, f. & cert. ef. 6-11-96
459-045-0050 Application Requirements for Alternate Payees (1) An alternate payee must apply for benefits on PERS forms. (2) An application for benefits must be accompanied by a final court order that is administrable by PERS, unless an administrable final court order is already on file with PERS. (3)(a) An alternate payee’s effective retirement date is the later of: (A) The first day of the calendar month specified on the alternate payee’s retirement application; or (B) The first day of the calendar month following the date an application was received by PERS. (b) If a final court order allows the alternate payee to commence benefits under ORS 238.465(2)(a), the effective retirement date can be no earlier than the first of the month following the month in which the member reaches earliest retirement eligibility. (4) A request to cancel an application for benefits must be: (a) In writing; (b) Signed by the alternate payee; and (c) Received by PERS no later than the day before the issue date of the first payment. (5) An alternate payee may not apply for alternate payee benefits due to his or her own disability. (6) Alternate payees must keep PERS informed of their current mailing address at all times. A change of mailing address must be submitted to PERS in writing and signed by the alternate payee. Statutory/Other Authority: ORS 238.465, 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.465 History: PERS 4-2010, f. & cert. ef. 5-28-10 PERS 5-1996, f. & cert. ef. 6-11-96
459-045-0060 General Rules for Calculating Benefits (1) If an alternate payee award is a reduction and the alternate payee elects to begin receiving their benefit before the member retires, the calculation of the alternate payee benefit: (a) Must use creditable service or retirement credit accrued by the member as of the alternate payee’s effective retirement date. (b) May not include any potential increase attributable to unused sick leave under ORS 238.350 or voluntary purchases of retirement credit. (2) Benefit payments to either the member or the alternate payee, or to both simultaneously, that exceed the allowable limits set forth in Section 415 of the Internal Revenue Code (IRC) shall be deducted from the benefit payment(s) to the member or the alternate payee, or both. Unless a final court order specifies the allocation of the deduction for benefits that exceed the limits in IRC Section 415, PERS shall pro rate the amount that exceeded those limits in the same proportions that benefits were awarded to the member and the alternate payee as specified in a final court order. (3) If PERS determines that an alternate payee has received benefits in excess of the amount to which the alternate payee is entitled, PERS shall recover any overpayment in accordance with ORS 238.715. (4) Payment of benefits under this division must not jeopardize the status of the programs as a tax-qualified governmental plan. Statutory/Other Authority: ORS 238.465, 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.465 History: PERS 4-2010, f. & cert. ef. 5-28-10 PERS 5-1996, f. & cert. ef. 6-11-96
459-045-0070 Precedence for Benefit Payment Reductions or Deductions (1) The order of priority when the alternate payee award is a reduction of a member’s benefit payment is as follows: (a) Adjustment for payments to be made from the Benefit Equalization Fund as established under ORS 238.485. (b) Withholding for an alternate payee benefit payment. (c) Withholding for an overpayment or erroneous payment of benefit. (d) Withholding for federal and state income taxes, and other current taxes. (e) Withholding in response to support liens in accordance with ORS 238.445. (f) Withholding in response to Internal Revenue Service (IRS) liens. (g) Withholding due to other administrable court orders. (h) Withholding for a premium payment of a PERS-sponsored health insurance plan. (i) Other voluntary withholdings authorized by the Board and elected by the member or beneficiary of the member. (2) The order of priority when the alternate payee award is a deduction from a member’s benefit payment is as follows: (a) Adjustment for payments to be made from the Benefit Equalization Fund as established under ORS 238.485. (b) Withholding for an overpayment or erroneous payment of benefit. (c) Withholding for federal and state income taxes, and other current taxes. (d) Withholding for an alternate payee benefit payment. (e) Withholding in response to support liens in accordance with ORS 238.445. (f) Withholding in response to Internal Revenue Service (IRS) liens. (g) Withholding due to other administrable court orders. (h) Withholding for a premium payment of a PERS-sponsored health insurance plan. (i) Other voluntary withholdings authorized by the Board and elected by the member or beneficiary of the member. Statutory/Other Authority: ORS 238.650, 238.715(9) & 238A.450 Statutes/Other Implemented: ORS 238.465 History: PERS 6-2015, f. & cert. ef. 5-29-15
459-045-0080 PERS Notifications (1) PERS is separate from other public employer retirement plans and deferred compensation plans, and notification to other plans does not constitute notice to PERS. PERS is not responsible for notifying other plans of member or alternate payee changes in address, changes in eligibility, application for benefits, or death. (2) PERS shall send a written notification acknowledging receipt of a final court order to the submitting party. PERS shall send a copy of the acknowledgment to the other persons named in the court order only if those persons’ mailing addresses are provided to PERS. (3) PERS will notify an alternate payee of an event described in ORS 238.465(2)(a)(B), unless the alternate payee has already commenced receiving alternate payee benefits. (4) PERS shall issue the applicable tax reporting forms directly to the recipient of any funds that are issued by PERS pursuant to a final court order. (5) PERS shall notify the member or the alternate payee, or both, of any benefit payments that are reduced by PERS pursuant to Section 415 of the Internal Revenue Code. Statutory/Other Authority: ORS 238.465, 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.465 History: PERS 4-2010, f. & cert. ef. 5-28-10 PERS 5-1996, f. & cert. ef. 6-11-96
459-045-0090 PERS Administrative Fee (1) An administrative fee is assessed by PERS for obtaining data and making calculations to administer court-ordered alternate payee awards under ORS 238.465 in the name of an alternate payee. (2) Pursuant to the provisions of ORS 238.465(9), the board may not charge more than $1,331 for calendar year 2025 for the total administrative expenses and related costs incurred in administering court-ordered alternate payee awards. This fee is allocated between the member and the alternate payee based on the fraction of the benefit received by the member or the alternate payee. (3) The fee to be assessed by the board shall be determined by the estimated administrative cost of implementing the court order based on a percentage of the fee threshold (rounded to the nearest dollar), as set forth below: (a) Low Administrative Cost Tier: Set at 50% of the maximum allowable administrative fee and is $666 for calendar year 2025. (b) Moderate Administrative Cost Tier: Set at 75% of the maximum allowable administrative fee and is $998 for calendar year 2025. (c) High Administrative Cost Tier: Set at 100% of the maximum allowable administrative fee and is $1,331 for calendar year 2025. (4) On January 1 of each year, the board shall update the administrative cost fees tiers as the dollar limit threshold provided by ORS 238.465(9) is updated. Statutory/Other Authority: ORS 238.465, 238.650 & 238A.450 Statutes/Other Implemented: ORS 238.465 History: PERS 5-2025, amend filed 03/31/2025, effective 03/31/2025 PERS 1-2024, amend filed 02/02/2024, effective 02/02/2024 PERS 4-2010, f. & cert. ef. 5-28-10 PERS 5-1996, f. & cert. ef. 6-11-96
459-050-0000 Purpose and Authority (1) The Deferred Compensation Program is established within PERS for the administration of deferred compensation plans under ORS 243.401 to 243.507 pursuant to Section 457 and Section 402A of the Internal Revenue Code. (2) In accordance with ORS 243.435, the Deferred Compensation Program shall be administered by the Public Employees Retirement Board (Board), and under the policies established by the Board. Such policies are limited to all technical and administrative aspects of the program management, but may not include investment policy for and the investment of the Deferred Compensation Fund. (3) In accordance with ORS 243.421, Oregon Investment Council (OIC) shall establish and maintain an investment program and policies for the state deferred compensation moneys consistent with the requirement of ORS 293.701 to 293.820, and to the extent practicable the needs of the Deferred Compensation Program. (4) Because the duties and powers of the Board and the OIC with respect to the Deferred Compensation Program are complementary, there is a need for coordination and cooperation between the two agencies. Statutory/Other Authority: ORS 243.470 Statutes/Other Implemented: ORS 243.401 - 243.507 History: PERS 10-2012, f. & cert. ef. 5-24-12 PERS 5-2000, f. & cert. ef. 8-11-00 PER 2-1995, f. 10-13-95, cert. ef. 11-1-95
459-050-0005 Policy and Goals of Deferred Compensation Program The Deferred Compensation Program shall be administered to provide the maximum opportunity for eligible employees to participate in a deferred compensation plan which allows participants to defer a portion of their compensation until a time when the participant seeks to withdraw the funds as a supplement to the participant’s other retirement and pension benefits. To this end, the Program shall: (1) Establish and administer an effective and efficient program of administration, either directly, or by contract, that provides for billing service, participant enrollment services, participant accounts, data processing, record keeping and other related services, and which gives due consideration not only to the services provided but also the cost to the participants; (2) Provide eligible employees, before their participation in a deferred compensation plan under the Program, with a written disclosure statement that contains, for that plan, all of the relevant information, including the probable income and probable safety of the moneys deferred; (3) Offer general education to participants on how to make personally-based investment choices based on their preferences of the investment options available through the investment program; (4) Permit eligible employees who participate in a deferred compensation plan to make changes, when permitted by law and the deferred compensation investment program, to withdraw the deferred compensation and any earnings on deposit, and, when eligible under a plan, to select and transfer those funds to other accounts or annuity instruments; (5) Identify the expressed desires of the diverse group of eligible employees who are deferring compensation until retirement, consistent with the statutory requirements of the Program and communicate those investment needs to the OIC; and (6) Provide cooperation with and assistance to the OIC and staff of the State Treasurer in structuring, monitoring, and revising an investment program that reasonably meets the needs of eligible employees. Statutory/Other Authority: ORS 243.470 Statutes/Other Implemented: ORS 243.401 - 243.507 History: PERS 10-2012, f. & cert. ef. 5-24-12 PERS 5-2000, f. & cert. ef. 8-11-00 PER 2-1995, f. 10-13-95, cert. ef. 11-1-95
459-050-0035 Assistance to the Oregon Investment Council and the State Treasurer The Board, acting through its Deferred Compensation Manager may provide information, assistance, and guidance to the Oregon Investment Council (OIC) and the State Treasurer as they may request, not limited to the following: (1) The Manager may provide the OIC and the staff of the State Treasurer with the Board’s findings of the expressed desires of participants and other eligible employees related to investment options. (2) The Manager may provide the OIC or the staff of the State Treasurer with such demographic information as they may reasonably request concerning those employees who are participants in the Deferred Compensation Program. (3) The Manager may provide the OIC or the staff of the State Treasurer with such assistance as they may reasonably request regarding preparation of specifications for solicitations of offers from vendors of investments for deferred compensation. (4) The Manager may provide the OIC or the staff of the State Treasurer with such assistance as they may reasonably request in evaluating responses to the solicitation of offers. (5) The Manager in any case may provide the OIC or the staff of the State Treasurer with an opinion concerning how the services offered by responding vendors may affect the administration of the Deferred Compensation Program. (6) Subject to Board approval, the Manager may enter into an intergovernmental agreement pursuant to ORS Chapter 190 to provide administrative services to local governments of the state with respect to other deferred compensation plan(s) under ORS 243.474 to 243.478. Statutory/Other Authority: ORS 243.470 Statutes/Other Implemented: ORS 243.401 - 243.507 History: PERS 5-2000, f. & cert. ef. 8-11-00 PERS 2-1995, f. 10-13-95, cert. ef. 11-1-95
459-050-0037 Trading Restrictions The purpose of this rule is to establish criteria under which a participant may make trades in the Deferred Compensation Program. The Program is designed for long-term investment and periodic adjustment of asset allocation. Restrictions upon trades are necessary to protect participants and the Program from adverse financial impact attributable to frequent trading. Frequent trading by some participants can lower returns and increase transaction costs for all participants. Frequent trading can trigger the imposition of redemption fees and restrictions by mutual funds within the Program and may cause the Program to be eliminated as an allowable investor in an investment fund. (1) Definitions. For the purposes of this rule: (a) “Investment Option” means an investment alternative made available under ORS 243.421. (b) “Trade” means a purchase or redemption in an investment option for the purpose of moving monies between investment options. (2) Restrictions. (a) The following restrictions apply to all participants: (A) A participant may not make a trade that exceeds $100,000. (B) A purchase that is attributable to a trade may not be redeemed from the International Stock Option for a period of 30 days following the date of the trade. (b) Trades to the Self-Directed Brokerage Option are subject to subsection (a) of this section and the limitations established in OAR 459-050-0120. (3) The Deferred Compensation Manager, if necessary to comply with trading restrictions imposed by a participating mutual fund or the Securities and Exchange Commission, may establish additional temporary trading restrictions. (4) The Deferred Compensation Manager, in the event of extraordinary market conditions, may temporarily suspend any or all trading restrictions established by this rule. (5) Any action taken by the Deferred Compensation Manager under sections (3) or (4) of this rule must be presented to the Board at its next scheduled meeting. The Board may take action as authorized by ORS 243.401 to 243.507. If the Board does not act, the action(s) taken by the Deferred Compensation Manager shall expire on the first business day following the date of the meeting. (6) The provisions of this rule are not applicable to trades attributable to the operation of an automatic account rebalancing function offered by the Program. (7) The trading restrictions provided in this rule are not exclusive. The Board may establish additional restrictions or sanctions as authorized by ORS 243.401 to 243.507. Statutory/Other Authority: ORS 243.470 Statutes/Other Implemented: ORS 243.401–243.507 History: PERS 19-2022, amend filed 12/02/2022, effective 12/02/2022 PERS 3-2022, amend filed 03/28/2022, effective 03/28/2022 PERS 11-2014, f. & cert. ef. 7-25-14 PERS 6-2011, f. & cert. ef. 8-4-11 PERS 17-2008, f. & cert. ef. 11-26-08 PERS 4-2007, f. 1-23-07, cert. ef. 5-1-07