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.
