Or. Admin. Code § 459-007-0260 - Crediting Earnings at Tier Two Service Retirement, Single Payment

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.

(2) If the member is participating in the Variable Annuity Account at time of retirement, earnings or losses shall be credited to the member's variable account as follows:

(a) If earnings or losses for the calendar year prior to the effective retirement date have not been applied to the member's variable account as of December 31 of that year, earnings or losses for that year shall be applied based on the latest year-to-date calculation for that year.

(b) Earnings or losses for the calendar year of the effective date of retirement shall be applied based on the latest year-to-date calculation as of the effective date of retirement for that year.

(3) Upon applying the earnings or losses as provided in section (2) of this rule, the balance of the member's variable account shall be transferred to the member's regular account as of the effective date of retirement.

(4) Earnings from the effective date of retirement to the date of distribution shall be credited based on the average annualized rate prorated for that period.

Notes

Or. Admin. Code § 459-007-0260

PERS 7-1998, f. & cert. ef. 5-22-98; PERS 1-2000, f. & cert. ef. 1-7-00; PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.260, 238.300, 238.305 & 238.315