Oregon Administrative Rules › Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM › Division 7 - EARNINGS AND INTEREST DISTRIBUTION › Section 459-007-0001 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
The words and phrases used in this division have the same
				meaning given them in ORS Chapter 238, 238A and OAR 459-005-0001. Specific and
				additional terms for purposes of this division are defined as follows unless
				context requires otherwise:
(1)
			 "Annual rate" means the rates determined by the Board for crediting earnings to
			 Tier One regular accounts, Tier Two regular accounts, IAP accounts, judge
			 member regular accounts and member variable accounts, effective as of December
			 31 of each year.
(2) "Assumed rate"
			 means the actuarial assumed rate of return on investments as adopted by the
			 Board for the most recent actuarial valuation.
(3) "Average annualized rate" means the
			 monthly rate provided by the Oregon State Treasury representing the rate
			 credited to cash accounts.
(4)
			 "Benefits-in-Force Reserve" or "BIF Reserve" means the reserve established
			 under ORS
			 238.670(2).
(5) "Capital Preservation Reserve" means the
			 reserve established under ORS
			 238.670(3).
(6) "Contingency Reserve" means the reserve
			 established under ORS
			 238.670(1).
(7) "Date of distribution" is the date
			 inscribed on the check, warrant, or electronic transfer issued to or on behalf
			 of the member, the member's beneficiary, or an alternate payee.
(8) "Date of payment" means the date a
			 payment is received by PERS.
(9)
			 "Earnings" means all income or losses to the Fund from investments and other
			 sources, but does not include member or employer contributions.
(10) "Employee Pension Stability Account" and
			 "EPSA" mean the account established in ORS 238A.353.
(11) "Member account" means the account
			 established in ORS
			 238.250.
(12) "Retirement allocation fund" means the
			 particular target date fund so designated by the Oregon State Treasury when it
			 determines the investment allocation for all the target date funds.
(13) "Retirement installments fund" means the
			 fund so designated by the Oregon State Treasury and is separate and apart from
			 target date funds.
(14) "Target
			 date fund" means a fund with an investment allocation that is aligned with the
			 member's birth year.
(15) "Tier One
			 Member Rate Guarantee Reserve" and "Rate Guarantee Reserve" mean the reserve
			 referenced in ORS
			 238.255(1)
			 that enables the Board to credit earnings at or above the assumed rate under
			 the conditions specified in 238.255.
(16) "Year-to-date calculation" means the
			 rates used to credit a pro-rata distribution of year-to-date earnings, allowing
			 for reserves and expenses, to Tier One regular accounts, Tier Two regular
			 accounts, IAP accounts, judge member regular accounts or member variable
			 accounts. These rates are calculated by staff on a monthly basis using the
			 market value of investments in the Fund as supplied by the Oregon State
			 Treasury. Year-to-date calculations for Tier One member regular accounts will
			 be determined in accordance with OAR 459-007-0003.
Statutory/Other Authority: ORS
				  238.650  & 238A.450
Statutes/Other Implemented: ORS 238 &
				  238A