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.
(2) If
the member is participating in the Variable Annuity Account at retirement,
earnings 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
variable account based on the latest year-to-date calculation available for
that year.
(b) Earnings from
January 1 of the year of the effective retirement date to the effective
retirement date shall be credited to the member's variable account based on the
latest year-to-date calculation as of the effective retirement date.
(3) Earnings on the combined
amount of the accounts credited under sections (1) and (2) of this rule from
the effective retirement date to the date of distribution shall be paid to the
member based on the average annualized rate prorated for that period.
Notes
Or. Admin. Code
§
459-007-0080
PER 8, f. 12-15-55; PER
4-1980(Temp), f. 11-26-80, ef. 12-1-80; PER 1-1984(Temp), f. & ef. 6-29-84;
PER 2-1984(Temp), f. & ef. 9-26-84; PER 1-1985, f. & ef. 3-22-85; PERS
1-1995, f. 9-12-95, cert. ef. 1-1-96; PERS 1-1996, f. & cert. ef. 3-26-96;
Renumbered from 459-010-0135(9); PERS 9-1998, f. 5-22-98, cert. ef. 1-1-00;
PERS 1-2000, f. & cert. ef. 1-7-00; PERS 20-2003, f. 12-15-03 cert. ef.
4-1-04; PERS 3-2009, f. & cert. ef.
4-6-09
Stat. Auth.: ORS
238.650
Stats. Implemented: ORS
238.260,
238.300,
238.305 &
238.315
