reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0506 - Plan Compliance with Federal Statutes and Regulations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The purpose of
			 administrative rules OAR 459-005-0500 to 459-005-0799 is to assure compliance
			 with applicable federal statutes and regulations for governmental retirement
			 plans qualified under the Internal Revenue Code (IRC) Section 401(a), and to
			 implement ORS Chapters 238 and 238A by establishing limits on contributions and
			 benefits under the Public Employees Retirement System (PERS).
(2) Definitions in general for OAR
			 459-005-0500 to 459-005-0799:
(a) "Member"
			 shall have the same meaning as provided in ORS
			 238.005 with respect to members
			 covered by ORS Chapter 238 and as provided in ORS
			 238A.005 with respect to members
			 covered by ORS Chapter 238A.
(b)
			 "Employment" means service as an employee as defined in OAR
			 459-005-0001(12).
(c) "Board" shall
			 have the same meaning as provided in ORS
			 238.005.
(d) "PERS" shall have the same meaning as
			 provided in OAR 459-005-0001(24).
(e) "Defined contribution plan (DC)" means a
			 plan which provides for an individual account for each participant and for
			 benefits based solely on the amount contributed to the participant's account,
			 and any income, expenses, gains and losses, and any forfeitures of accounts of
			 other participants which may be allocated to such participant's account. For
			 purposes of IRC Section 414(k), the individual account program under ORS
			 Chapter 238A shall be treated as a DC plan for the purposes of IRC Sections
			 72(d) and 415.
(f) "Defined benefit
			 plan (DB)" means a plan which is not a defined contribution plan. For purposes
			 of IRC Section 414(k), the pension programs under ORS Chapters 238 and 238A
			 shall be treated as part of a defined benefit plan for purposes of IRC Sections
			 72(d) and 415.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0510 - Cost-of-Living Adjustment

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 cost-of-living adjustment (COLA) under ORS
			 238.360 and
			 238A.210 is calculated on an
			 annual basis and may use up to three COLA methods that are blended into a COLA
			 percentage rate, as follows:
(a) Creditable
			 service or retirement credit earned before May 1, 2013, will receive an annual
			 COLA based on ORS 238.360(2011)
			 or 238A.210(2011).
(b) Creditable service or
			 retirement credit earned on or after May 1, 2013, and before October 1, 2013,
			 will receive an annual COLA based on Chapter 53, Oregon Laws 2013.
(c) Creditable service or retirement credit
			 earned on or after October 1, 2013, will receive an annual COLA based on ORS
			 238.360(2013)
			 or 238A.210(2013).
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0520 - Repealed

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth: ORS
				  238.650,
				  238.465 &
				  238A.450
Stats. Implemented: ORS
				  238.360,
				  238.575,
				  238A.210 & OL 2013, Ch. 2,
				  §8 (1st special session)
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0525 - Ceiling on Compensation for Purposes of Contributions and Benefits

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This administrative rule shall be
			 construed consistently with the requirements of the Internal Revenue Code (IRC)
			 Section 401(a)(17) relating to the limitation on annual compensation allowable
			 for determining contribution and benefits under ORS Chapters 238 and
			 238A.
(2) For purposes of this
			 rule:
(a) "Annual compensation" means
			 "salary," as defined in ORS
			 238.005 and
			 238.205 with respect to Chapter
			 238 and in 238A.005 with respect to Chapter 238A paid to the member during a
			 calendar year or other 12-month period, as specified in this rule.
(b) "Eligible participant" means a person who
			 first becomes a member of PERS before January 1, 1996.
(c) "Employer" means a "public employer" as
			 defined in ORS 238.005, for the purposes of
			 this rule as it applies to Chapter 238. For the purposes of this rule as it
			 applies to Chapter 238A, an "employer" means a "participating public employer"
			 as defined in 238A.005.
(d)
			 "Noneligible participant" means a person who first becomes a member of PERS
			 after December 31, 1995.
(e)
			 "Participant" means an active or inactive member of PERS.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0530 - Limitation for Employers with Multiple Retirement Plans - for Contributions and Distributions Before January 1, 2000

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Defined Benefit Plans. For purposes of
			 OAR 459-005-0535, Annual Benefit Limitation and, before January 1, 2000, for
			 purposes of section (3) of this rule, all defined benefit plans of an employer,
			 including plans that have been terminated, shall be treated as one defined
			 benefit plan.
(2) Defined
			 Contribution Plans. For purposes of OAR 459-005-0545, Annual Addition
			 Limitation and, before January 1, 2000, for purposes of section (3) of this
			 rule, all defined contribution plans of an employer, including plans that have
			 been terminated, shall be treated as one defined contribution plan.
(3) Combined Plan Limitation. If any member
			 also participates in a defined contribution plan maintained by the same
			 employer, the sum of the defined benefit plan fraction and the defined
			 contribution plan fraction for any calendar year before the 2000 calendar year
			 shall not exceed 1.0.
(a) Defined Benefit
			 Plan Fraction. For purpose of this section, the defined benefit fraction is a
			 fraction with the following numerator and denominator:
(A) The numerator is the member's projected
			 annual benefit under the plan, determined as of the close of the
			 year.
(B) The denominator is the
			 lesser of the following amounts:
(i) The
			 product of 1.25, multiplied by the applicable dollar limitation for the
			 calendar year, as defined in OAR 459-005-0535, Annual Benefit Limitation;
			 or
(ii) Before January 1, 1995, the
			 product of 1.4multiplied by the member's 100 percent (100%) of compensation
			 limitation under IRC Section 415(b)(1)(B) for the calendar
			 year.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0535 - Annual Benefit Limitation

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Applicable Law. This administrative rule shall be construed consistently with
			 the requirements of the Internal Revenue Code (IRC) Section 415(b) and the
			 Treasury regulations and Internal Revenue Service rulings and other
			 interpretation issued thereunder.
(2) Annual Benefit Limitation. The benefits
			 payable to any member for a calendar year, when expressed as an annual benefit,
			 shall not exceed the applicable dollar limitation for that year.
(3) Applicable Dollar Limitation. For
			 purposes of this rule, the "applicable dollar limitation" for each calendar
			 year is the limitation in effect under IRC Section 415(b)(1)(A), with the
			 adjustment described as follows:
(a)
			 Cost-of-Living Adjustments. The limitation under IRC Section 415(b)(1)(A) shall
			 be adjusted for cost of living in accordance with IRC Section 415(d) and
			 Treasury Regulation Section 1.415(a)-1(d)(3)(v)(C). The adjustment applies to
			 the applicable dollar limitation for years:
(A) Between separation and retirement of a member; and
(B) After the member's effective retirement
			 date.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0540 - Permissive Service Credit

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 General Rule. If a member makes one or more after-tax contributions to PERS to
			 purchase permissive service credit, then all such contributions by the member
			 must satisfy one of the following limitations:
(a) The annual benefit limitation under OAR
			 459-005-0535, Annual Benefit Limitation, determined by treating the accrued
			 benefit derived from all of the member's contributions to purchase permissive
			 service credit as part of the member's annual benefit; or
(b) The annual addition limitation under OAR
			 459-005-0545, Annual Addition Limitation, determined by treating all of the
			 member's contributions to purchase permissive service credit annual
			 additions.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0545 - Annual Addition Limitation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) This
			 administrative rule shall be construed consistently with the requirements of
			 the Internal Revenue Code (IRC) Section 415(c) and the Treasury regulations and
			 Internal Revenue Service rulings and other interpretations issued
			 thereunder.
(2) Except as otherwise
			 provided in this rule, a member's annual additions to PERS for any calendar
			 year after 2023 may not exceed $69,000 (as adjusted under IRC Section
			 415(d)).
(3) For purposes of this
			 rule, the term "annual additions" has the same meaning as under IRC Section
			 415(c)(2).
(4) The following
			 special rules shall apply with respect to purchases of permissive service
			 credit, as defined in OAR 459-005-0540, Permissive Service Credit:
(a) If a member's after-tax contributions to
			 purchase permissive service credit are included in the member's annual
			 additions under section (3) of this rule, the member shall not be treated as
			 exceeding the limitation under section (2) of this rule solely because of the
			 inclusion of such contributions.
(b) With respect to any eligible participant,
			 the annual addition limitation in section (2) of this rule shall not be applied
			 to reduce the amount of permissive service credit to an amount less than the
			 amount that could be purchased under the terms of the plan as in effect on
			 August 5, 1997. As used in this subsection, the term "eligible participant"
			 includes any individual who became an active member before January 1,
			 2000.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0560 - Required Minimum Distributions, Generally

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Applicable Law. Distributions under the
			 Public Employees Retirement System (PERS) shall be made in accordance with
			 Internal Revenue Code (IRC) Section 401(a)(9), including IRC Section
			 401(a)(9)(G), and the Treasury Regulations and Internal Revenue Service rulings
			 and other interpretations issued thereunder, including Treasury Regulation
			 Sections 1.401(a)(9)-1 through 1.401(a)(9)-9. The provisions of this
			 administrative rule and any other statute or administrative rule reflecting the
			 required minimum distribution requirements of IRC Section 401(a)(9) shall
			 override any distribution options that are inconsistent with IRC Section
			 401(a)(9).
(2) Distributions to
			 Members. Each member's entire benefit under PERS shall be distributed to the
			 member, beginning no later than the required beginning date, over the member's
			 lifetime (or the joint lives of the member and a designated beneficiary), or
			 over a period not extending beyond the member's life expectancy (or the joint
			 life expectancies of the member and a designated beneficiary).
(a) Required Beginning Date. For purposes of
			 this section, the "required beginning date" is April 1 of the calendar year
			 after the later of the following:
(A) The
			 calendar year in which the member reaches:
(i)
			 70-1/2 years of age in 2019 or earlier;
(ii) 72 years of age in calendar years 2020
			 through 2022;
(iii) 73 years of age
			 in calendar years 2023 through 2032; and
(iv) 75 years of age beginning in 2033 and
			 later; or
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0570 - Required Minimum Distributions, Individual Account Program (IAP)

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Definitions.
			 The following definitions apply for the purposes of this rule:
(a) "Designated Beneficiary" means:
(A) A natural person designated as a
			 beneficiary by the member and who is not an eligible designated beneficiary;
			 or
(B) A trust that satisfies the
			 requirements in section (2) of this rule.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0580 - Trustee-to-Trustee Transfers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For
			 purposes of this rule, "trustee-to-trustee transfer" means a transfer of funds
			 from an eligible retirement plan to PERS for the purpose of obtaining
			 restoration of forfeited creditable service or purchasing retirement credit
			 pursuant to ORS 238.222.
(2)
(a)
			 Except as provided in subsection (c) of this section, PERS must receive the
			 trustee-to-trustee transfer within the time period established in the
			 particular statute for restoration of creditable service or obtaining
			 retirement credit included in ORS
			 238.222(1).
(b) A trustee-to-trustee transfer received by
			 PERS outside the time period determined under subsection (a) of this section
			 for the transfer will be returned to the eligible retirement plan from which
			 the transfer was received.
(c) If
			 the cost of restoration of creditable service or obtaining retirement credit is
			 adjusted and PERS determines that the amount required is greater than the
			 amount originally received, a trustee-to-trustee transfer may be made to remit
			 the additional amount required.
(d)
			 Nothing in ORS 238.222 or this rule shall be
			 construed to provide an extension of time for restoration of forfeited
			 creditable service or obtaining retirement credit outside the time permitted
			 under the relevant statutes.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0590 - General Provisions and Applicability Date - Direct Rollovers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) OAR
			 459-005-0590  to 459-005-0599  apply to direct rollover distributions made on or
			 after January 1, 1993.
(2)
			 Notwithstanding any provision to the contrary in ORS Chapters 238 or 238A or
			 any administrative rule of the Public Employees Retirement Board other than OAR
			 459-005-0590  to 459-005-0599, a distributee may elect, in accordance with OAR
			 459-005-0599, to have any portion of an eligible rollover distribution paid
			 directly to an eligible retirement plan specified by the distributee in a
			 direct rollover.
(3) The direct
			 rollover rule OAR 459-005-0590  to 459-005-0599  shall be interpreted and
			 administered in accordance with Code Section 401(a)(31) and any applicable
			 regulations and administrative rulings thereunder.
(4) The provisions of this rule are effective
			 on January 1, 2004.
Stat. Auth.: ORS
				  238.650 &
				  238A.430
Stats. Implemented: ORS
				  238.005 -
				  238.715
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0591 - Definitions - Direct Rollovers

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 459-005-0590  to 459-005-0599  the following words
				and phrases shall have the following meanings:
(1) "Code" means the Internal Revenue Code of
			 1986, as amended.
(2) A "direct
			 rollover" means the payment of an eligible rollover distribution by PERS to an
			 eligible retirement plan specified by the distributee.
(3) A "distributee" includes a PERS member,
			 the surviving spouse of a deceased PERS member, a non-spouse beneficiary of the
			 member that is a designated beneficiary under Code Section 402(c)(11), and the
			 current or former spouse of a PERS member who is the alternate payee under a
			 domestic relations order that satisfies the requirements of ORS
			 238.465 and the rules adopted
			 thereunder.
(4) An "eligible
			 retirement plan" means any one of the following:
(a) An individual retirement account or
			 annuity described in Code Section 408(a) or (b), including a Roth IRA as
			 described in Code Section 408A;
(b)
			 An annuity plan described in Code Section 403(a) that accepts the distributee's
			 eligible rollover distribution;
(c)
			 A qualified trust described in Code Section 401(a) that accepts the
			 distributee's eligible rollover distribution;
(d) An eligible deferred compensation plan
			 described in Code Section 457(b) which is maintained by an eligible employer
			 described in Code Section 457(e)(1)(A) and accepts the distributee's eligible
			 rollover distribution.
(e) An
			 annuity contract described in Code Section 403(b) that accepts the
			 distributee's eligible rollover distribution.
(f) For the purposes of ORS
			 237.650(3), the
			 individual employee account maintained for a member under the Individual
			 Account Program as set forth under ORS
			 238A.350(2);
			 and
(g) For the purposes of ORS
			 237.655(2), the
			 state deferred compensation program.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0595 - Limitations - Direct Rollovers

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Notwithstanding any provision to the contrary in OAR 459-005-0590  to
			 459-005-0599, a distributee's right to elect a direct rollover is subject to
			 the following limitations:
(a) A distributee
			 may elect to have an eligible rollover distribution paid in a direct rollover
			 to only one eligible retirement plan.
(b) A distributee may elect a direct rollover
			 only when his or her eligible rollover distribution(s) during a calendar year
			 is reasonably expected to total $200 or more.
(c) A distributee may elect to have part of
			 an eligible rollover distribution be paid directly to the distributee, and to
			 have part of the distribution paid as a direct rollover only if the member
			 elects to have at least $500 transferred to the eligible retirement
			 plan.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0599 - Election Procedures - Direct Rollovers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) PERS staff shall provide each distributee
			 with a written explanation of the direct rollover rules for any eligible
			 distribution, as required by Code Section 402(f). In addition to the general
			 explanation required by Code Section 402(f), the written explanation shall
			 include the following information:
(a) A
			 statement that the distributee has the right to consider the decision of
			 whether or not to elect a direct rollover for at least 30 days after the notice
			 is provided;
(b) An explanation of
			 the default rule set forth in section (5) of this rule; and
(c) An explanation of the notice and election
			 rules for periodic payments that are eligible rollover distributions.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0600 - Precedence for Pre-Tax and Post-Tax Deductions from Benefit Payment

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The order of
			 priority for deductions from a 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 in response to
			 support liens in accordance with ORS
			 238.445.
(e) Withholding in response to Internal
			 Revenue Service (IRS) liens.
(f)
			 Withholding due to other administrable court orders.
(g) Withholding for a premium payment of a
			 PERS-sponsored health insurance plan.
(h) Other voluntary withholdings authorized
			 by the Board and elected by the member or beneficiary of the member.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0605 - Reimbursement for Medical Records Requested by PERS

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The following are the maximum amounts
			 that PERS will reimburse for the costs incurred in processing medical requests
			 for health information.
(a) Cost of coping
			 medical records:
(A) $30.00 for 10 or fewer pages;
(B) $0.50 per page
			 for pages 11 through 50; and
(C)
			 $0.25 per page for pages 51 and
			 higher.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0610 - Recovery of Overpayments

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Authority and Purpose. In accordance with ORS
			 238.715, this rule sets forth
			 the criteria and process for the recovery of overpayments and erroneous
			 payments made by PERS. It is the policy of the Board to implement wherever
			 possible, and if cost effective, a full recovery of all overpayments and
			 erroneous payments. Staff shall attempt recovery of overpayments and erroneous
			 payments in the most efficient method available and in the least amount of time
			 possible.
(2) For the purposes of
			 this rule:
(a) Erroneous payment" means any
			 payment that has been made from the Public Employees Retirement Fund in error,
			 including a payment to a payee that is not entitled to receive the payment.
(b) "Good cause" means a cause
			 beyond the reasonable control of the person. "Good cause" exists when it is
			 established by satisfactory evidence that factors or circumstances are beyond
			 the reasonable control of a rational and prudent person of normal sensitivity,
			 exercising ordinary common sense.
(c) "Lump-sum payment" means any one-time
			 distribution or payment made under ORS Chapters 238 or 238A, or any other law
			 directing PERS to make a payment, including a retroactive adjustment, that is
			 not scheduled to be paid to or on behalf of a payee on a regular monthly basis.
(d) "Monthly payment" means any
			 gross pension, annuity, service or disability retirement allowance, death
			 benefit, or other benefit under ORS Chapter 238 or 238A that is paid monthly to
			 or on behalf of a payee.
(e)
			 "Overpayment" refers to an amount that is in excess of the amount a payee is
			 entitled to under ORS Chapters 238 and 238A.
(f) "Payee" means:
(A) A member, a trust established by the
			 member, or the member's estate;
(B) A member's beneficiary, a trust
			 established by the member's beneficiary, or the estate of the member's
			 beneficiary;
(C) An alternate
			 payee, as defined in OAR 459-045-0001(2), a trust established by an alternate
			 payee, or the estate of an alternate payee;
(D) The beneficiary of an alternate payee, a
			 trust established by the beneficiary of an alternate payee, or the estate of
			 the beneficiary of an alternate payee; or
(E) Any other recipient of a benefit payment
			 by PERS.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0615 - Minimum Retroactive Payment

Current through Register Vol. 63, No. 7, July 1, 2024
PERS may not issue a retroactive payment for underpaid monthly
				benefits or lump sum distributions if the total amount of the underpayment is
				less than $5.
Stat. Auth.: ORS
				  238.650 and
				  238A.450
Stats. Implemented: ORS
				  238.601
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 5 - ADMINISTRATION › Section 459-005-0620 - Uncollectible Debt Owed to PERS

Current through Register Vol. 63, No. 7, July 1, 2024
Any debt, including interest, penalties, or any portion of the
				debt, may be considered to be uncollectible when the debtor has no money or
				other thing of value owing or held by PERS that has not been credited to the
				debt, and it is reasonable to conclude, after all reasonable efforts to collect
				the debt have been made, that one or more of the following is true:
(1) The debtor does not and will not for the
			 foreseeable future own or have the right to own assets from which PERS could
			 collect the debt.
(2) It is
			 reasonably estimated that the cost of collecting the debt would equal or exceed
			 the amount of the debt.
(3) The
			 debtor is deceased, and there are no assets in the debtor's estate from which
			 PERS could collect the debt.
(4)
			 The debtor is a corporation or a limited liability company that is not and for
			 the foreseeable future will not be engaged in any income-producing activity,
			 and there are no assets from which PERS could collect the debt.
(5) The debt has previously been discharged
			 in bankruptcy.
(6) The debtor's
			 estate is subject to a pending bankruptcy proceeding in which it is reasonable
			 to conclude that the debt will be discharged and that PERS will receive none or
			 an insubstantial share of the assets of the bankruptcy estate.
(7) PERS is and will be for the foreseeable
			 future unable to collect from the debtor or from anyone owing the debtor money
			 or holding assets of or from the debtor.
(8) PERS is unable to locate the debtor
			 despite having made reasonable efforts to do so.
(9) The debt has been liquidated by reduction
			 to a court judgment, administrative order or distraint warrant, which has
			 subsequently expired.
Stat. Auth.: ORS
				  238.650,
				  293.240 &
				  238A.450
Stats. Implemented: ORS
				  293.240(2)
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0003 - Determination of Tier One Year-to-Date Calculation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Any year-to-date calculation ("factor")
			 used to credit earnings to Tier One member regular accounts shall be a pro-rate
			 of the assumed interest rate and cannot be greater unless and until the
			 conditions in ORS 238.255 have been met.
(2) The provisions of this rule shall be
			 applied retroactively to July 1, 2003.
Stat. Auth.: ORS
				  238.650
Stats. Implemented: ORS
				  238
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0007 - Assumed Rate

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Board
			 will review the assumed rate in odd-numbered years as part of the Board's
			 review and adoption of actuarial assumptions and methods.
(2) The Board may adopt a change in the
			 assumed rate at any time. A change in the assumed rate is effective the first
			 of the year following the Board's adoption of the change.
(3) The assumed rate is set at 6.9 percent,
			 effective on January 1, 2024.
Statutory/Other Authority: ORS
				  238.650 & 238A.450
Statutes/Other Implemented: ORS
				  238.255
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0009 - Allocating Costs of Compliance with Generally Accepted Accounting Principles

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Pursuant to ORS 238.610(1)(b),
			 PERS will provide employers with audited financial data each year to comply
			 with generally accepted accounting principles as established by the Government
			 Accounting and Standards Board (GASB) standards.
(2) Prior to earnings crediting each year,
			 PERS shall compile the actuarial, auditing, and internal staff costs of
			 providing the audited financial data it will provide to employers. Earnings on
			 employer contribution accounts shall be reduced by the amount of those
			 costs.
Stat. Auth.: ORS
				  238.650 &
				  238A.450
Stats. Implemented: ORS
				  238.610(1)(b)
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0015 - Interest Rate Applied to Underpayment of Estimated Benefits

Current through Register Vol. 63, No. 7, July 1, 2024
In accordance with ORS
				238.455(5),
				earnings credited to an underpayment of either Tier One or Tier Two estimated
				benefits shall be simple interest, prorated from date of underpayment to date
				of distribution by PERS of the underpaid amount based on:
(1) The rate credited to the respective tier
			 in the Fund for the prior calendar year for members who have effective dates of
			 retirement before January 1, 2006;
(2) The average annualized interest rate, as
			 defined in OAR 459-007-0001(3), in effect as of the date of distribution for
			 members who have effective dates of retirement on and after January 1,
			 2006.
Stat. Auth.: ORS
				  238.650
Stats. Implemented: ORS
				  238.455
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0020 - Statutory Limitation on the Crediting of Earnings

Current through Register Vol. 63, No. 7, July 1, 2024
No earnings shall be credited to any payment from the Fund
				unless specifically provided for in ORS Chapters 238, 238A and OAR chapter 459,
				divisions 007 and 009.
Stat. Auth.: ORS
				  238.650 & 238A
Stats. Implemented: ORS 238
				  &238A
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0025 - Crediting Earnings to a Member Lump Sum Payment

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Definition.
(a) "Member lump sum payment" means any
			 payment received by PERS that:
(A) Is not
			 regularly scheduled;
(B) Is not
			 paid as a statutorily fixed percentage of salary; and
(C) Is paid voluntarily by the member or
			 payer.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0040 - Crediting Earnings upon Withdrawal of a Tier One Member's Account

Current through Register Vol. 63, No. 7, July 1, 2024
When a Tier One member withdraws his or her member account
				under ORS 238.265, earnings from the
				effective date of the last annual rate to the date of distribution shall be
				credited in the manner specified in this rule.
(1) Earnings on the member's regular account
			 shall be credited as follows:
(a) If earnings
			 for the calendar year prior to the effective date of withdrawal have not yet
			 been credited, earnings for that year shall be credited to the member's regular
			 account based on the latest year-to-date calculation available for that
			 year.
(b) Earnings from January 1
			 of the calendar year of the effective date of withdrawal to the effective date
			 of withdrawal shall be credited to the member's regular account based on the
			 latest year-to-date calculation as of the effective date of
			 withdrawal.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0050 - Crediting Earnings for a Deceased Tier One Active or Inactive Member

Current through Register Vol. 63, No. 7, July 1, 2024
Upon the death of an active or inactive Tier One member,
				earnings from the date of death to the date of distribution shall be credited
				as specified in this rule.
(1)
			 Definitions. For purposes of this rule:
(a)
			 "Death benefit amount" means the sum of the member's regular account and
			 variable account as of the first of the month of the member's death and held by
			 PERS for the beneficiary or beneficiaries of a deceased member until benefits
			 are distributed.
(b) "Effective
			 date of request" means the first of the month in which PERS receives a valid
			 request for distribution of the death benefit amount.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0060 - Crediting Earnings to the Tier One Employer Death Benefit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Upon the death
			 of a Tier One member who is entitled to an employer death benefit under ORS
			 238.395, the amount of the
			 employer benefit shall be added to the death benefit amount, as defined in OAR
			 459-007-0050(1), as of the first of the month of the member's death.
(2) Earnings shall thereafter be credited to
			 the employer death benefit amount in accordance with OAR 459-007-0050(2)(e)
			 through (i).
(3) If a beneficiary
			 elects to receive a monthly benefit, earnings are credited in accordance with
			 OAR 459-007-0050(5).
Stat. Auth.: ORS
				  238.650
Stats. Implemented: ORS
				  238.390 &
				  238.395
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0070 - Crediting Earnings at Tier One Service or Disability Retirement

Current through Register Vol. 63, No. 7, July 1, 2024
Upon the service retirement or disability retirement of a Tier
				One member, earnings from the effective date of the last annual rate to the
				effective retirement date shall be credited to the member account in the manner
				specified in this rule.
(1) Earnings
			 shall be credited to the member's regular account as follows:
(a) If earnings for the prior calendar year
			 have not yet been credited, earnings shall be credited for that year based on
			 the latest year-to-date calculation available for that year.
(b) Earnings for the calendar year of the
			 effective retirement date shall be credited based on the latest year-to-date
			 calculation as of the effective retirement date.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0080 - Crediting Earnings at Tier One Service Retirement, Single Payment

Current through Register Vol. 63, No. 7, July 1, 2024
Notwithstanding OAR 459-007-0070, when a Tier One member
				retires and elects to receive a single payment of benefits under ORS
				238.305(2)(a) or
				(3), or receives a single payment of benefits
				under 238.315, earnings from the
				effective date of the last annual rate to the date of distribution shall be
				credited in the manner specified in this rule.
(1) Earnings on the member's regular account
			 shall be credited as follows:
(a) If earnings
			 for the calendar year before the effective retirement date have not yet been
			 credited, earnings for that year shall be credited to the member's regular
			 account based on the latest year-to-date calculation available for that
			 year.
(b) Earnings credited for the
			 calendar year of the effective retirement date shall be credited to the
			 member's regular account based on the latest year-to-date calculation as of the
			 effective retirement date.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0090 - Crediting Earnings upon Tier One Service Retirement, Two or More Installment Payments

Current through Register Vol. 63, No. 7, July 1, 2024
Notwithstanding OAR 459-007-0070, if a Tier One member retires
				and elects to receive installment payments under ORS
				238.305(4),
				earnings shall be credited from the effective date of the last annual rate to
				the date of distribution of the final installment payment in the manner
				specified in this rule.
(1) Regular
			 account. Earnings shall be credited to the member's regular account as follows:
(a) Prior year earnings. If earnings for the
			 calendar year before the effective retirement date have not yet been credited,
			 earnings shall be credited for that year based on the latest year-to-date
			 calculation available for that year.
(b) Retirement year earnings. Earnings for
			 the calendar year of the effective retirement date shall be based on the latest
			 year-to-date calculation as of the effective retirement date.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0110 - Crediting Earnings at Tier One Loss of Membership

Current through Register Vol. 63, No. 7, July 1, 2024
When a Tier One member's membership terminates under ORS
				238.095(2),
				earnings from the effective date of the last annual rate to the first of the
				month following the month of loss of membership shall be credited to the member
				account in the manner specified in this rule.
(1) Earnings on the former member's regular
			 account shall be credited as follows:
(a) If
			 earnings for the calendar year before the date of loss of membership have not
			 yet been credited, earnings shall be credited for that year based on the Tier
			 One latest year-to-date calculation available for that year.
(b) Earnings for the calendar year of loss of
			 membership shall be credited based on the Tier One latest year-to-date
			 calculation as of the first of the month following the date of loss of
			 membership.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0160 - Crediting Earnings to Loss of Membership Account for Periods of Active Membership

Current through Register Vol. 63, No. 7, July 1, 2024
In accordance with ORS
				238.095(5),
				when a former member establishes membership in the system and has a Loss of
				Membership account, earnings or losses during dates of active membership will
				be credited to the Loss of Membership account in the manner specified in this
				rule.
(1) Partial year crediting.
(a) If active membership begins after the
			 first of the year and continues through the end of the calendar year, earnings
			 or losses from the date of active membership to December 31 of that calendar
			 year shall be credited to the Loss of Membership account based on the Tier Two
			 rate for the calendar year less the latest year to date Tier Two rate on the
			 date of active membership.
(b) If
			 the member is active on January 1 of the calendar year and active membership
			 ends before December 31 of that calendar year, earnings or losses shall be
			 credited to the Loss of Membership account based on the latest year to date
			 Tier Two rate available as of the first of the month in which active membership
			 ends.
(c) If active membership
			 begins after the first of the year and ends before December 31 of that calendar
			 year, earnings or losses shall be credited to the Loss of Membership account
			 based on the latest year to date Tier Two rate available as of the first of the
			 month in which active membership ends less the latest year to date Tier Two
			 rate available on the date of active membership.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0220 - Distribution of Earnings for Withdrawal of Member's Account - Tier Two

Current through Register Vol. 63, No. 7, July 1, 2024
When a Tier Two member withdraws his or her member account
				under ORS 238.265, earnings or losses from
				the effective date of the last annual rate to the date of distribution shall be
				credited in the manner specified in this rule.
(1) Earnings or losses on the member's
			 regular account shall be credited as follows:
(a) If earnings or losses for the calendar
			 year prior to the effective date of withdrawal have not been credited, earnings
			 or losses for that year shall be credited to the member's regular account based
			 on the latest year-to-date calculation for that year.
(b) Earnings or losses from January 1 of the
			 calendar year of the effective date of withdrawal to the effective date of
			 withdrawal shall be credited to the member's regular account based on the
			 latest year-to-date calculation as of the effective date of
			 withdrawal.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0230 - Crediting Earnings for a Deceased Tier Two Active or Inactive Member

Current through Register Vol. 63, No. 7, July 1, 2024
Upon the death of an active or inactive Tier Two member,
				earnings from the date of death to the date of distribution shall be credited
				as specified in this rule.
(1)
			 Definitions. For purposes of this rule:
(a)
			 "Death benefit amount" means the sum of the member's regular account and
			 variable account as of the first of the month of the member's death and held by
			 PERS for the beneficiary or beneficiaries of a deceased member until benefits
			 are distributed.
(b) "Effective
			 date of request" means the first of the month in which PERS receives a valid
			 request for distribution of the death benefit amount.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0240 - Crediting Earnings to the Tier Two Employer Death Benefit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Upon the death
			 of a Tier Two member who is entitled to an employer death benefit under ORS
			 238.395, the amount of the
			 employer benefit shall be added to the death benefit amount, as defined in OAR
			 459-007-0230(1), as of the first of the month of the member's death.
(2) Earnings shall thereafter be credited to
			 the employer death benefit amount in accordance with OAR 459-007-0230(5) to
			 (8).
(3) If a beneficiary elects to
			 receive a monthly benefit, earnings are credited in accordance with OAR
			 459-007-0230(10).
Stat. Auth.: ORS
				  238.650
Stats. Implemented: ORS
				  238.390,
				  238.395,
				  238.430 &
				  238.435
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0250 - Crediting Earnings at Tier Two Service or Disability Retirement

Current through Register Vol. 63, No. 7, July 1, 2024
Upon the service or disability retirement of a Tier Two member,
				earnings from the effective date of the last annual rate to the effective
				retirement date shall be credited to the member account in the manner specified
				in this rule.
(1) Earnings shall be
			 credited to the member's regular account as follows:
(a) If earnings for the prior calendar year
			 have not yet been credited, earnings for that year shall be credited based on
			 the Tier Two latest year-to-date calculation for that year.
(b) Earnings for the calendar year of the
			 effective retirement date shall be credited based on the Tier Two latest
			 year-to-date calculation for that year.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0260 - Crediting Earnings at Tier Two Service Retirement, Single Payment

Current through Register Vol. 63, No. 7, July 1, 2024
Notwithstanding OAR 459-007-0250, when a Tier Two member
				retires and elects to receive a single payment under provisions of ORS
				238.305(2) or
				(3), earnings or losses from the effective
				date of the last annual rate to the date of distribution shall be credited in
				the manner specified in this rule.
(1)
			 Earnings or losses on the member's regular account shall be credited as
			 follows:
(a) If earnings or losses for the
			 calendar year prior to the effective retirement date have not yet been
			 credited, earnings or losses shall be credited to the member's regular account
			 based on the latest year-to-date calculation for that year.
(b) Earnings or losses credited for the
			 calendar year of the effective retirement date shall be applied based on the
			 latest year-to-date calculation as of the effective retirement date for that
			 year.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0270 - Crediting Earnings upon Tier Two Service Retirement, Two or More Installment Payments

Current through Register Vol. 63, No. 7, July 1, 2024
Notwithstanding OAR 459-007-0250, when a Tier Two member
				retires and elects to receive installment payments under ORS
				238.305(4),
				earnings shall be credited from the effective date of the last annual rate to
				the date of distribution of the final installment payment in the manner
				specified in this rule.
(1) Regular
			 account. Earnings shall be credited to the member's regular account as follows:
(a) Prior year earnings. If earnings for the
			 calendar year before the effective retirement date have not yet been credited,
			 earnings shall be credited for that year based on the latest year-to-date
			 calculation available for that year.
(b) Retirement year earnings. Earnings for
			 the calendar year of the effective retirement date shall be based on the latest
			 year-to-date calculation as of the effective retirement date.
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0290 - Crediting Earnings at Tier Two Loss of Membership

Current through Register Vol. 63, No. 7, July 1, 2024
When a Tier Two member's membership terminates under ORS
				238.095(2),
				earnings from the effective date of the last annual rate through the end of the
				month of loss of membership shall be credited to the member account in the
				manner specified in this rule.
(1)
			 Earnings or losses on the former member's regular account shall be credited as
			 follows:
(a) If earnings or losses for the
			 calendar year prior to the date of loss of membership have not yet been
			 credited, earnings or losses shall be credited for that year based on the
			 latest year-to-date calculation available for that year.
(b) Earnings or losses for the calendar year
			 of loss of membership shall be credited based on the latest year-to-date
			 calculation as of the end of the month of the date of loss of
			 membership
Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0300 - Crediting Earnings to Police Officer and Firefighter Unit Accounts in the Fund

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Definitions.
			 For the purpose of this rule:
(a) "Effective
			 date of unit benefits" means the date the member elects to begin receiving unit
			 benefits.
(b) "End date" means the
			 date after which earnings are no longer credited to the unit account and is the
			 later of:
(A) The first of the calendar month
			 following the date the member reaches age 65; or
(B) The first of the calendar month following
			 the date the member separates from the service of all participating
			 employers.
(c) "Unit"
			 means a unit of additional benefits purchased under ORS
			 238.440.
(d) "Unit account" means the member's account
			 in the Fund that is used to purchase unit benefits, which includes actuarially
			 determined member additional contributions (ORS
			 238.440(1)) and
			 earnings.
(e) "Unit benefits" means
			 the increased benefits a police officer or firefighter may purchase under ORS
			 238.440.