Or. Admin. Code § 459-007-0290 - Crediting Earnings at Tier Two Loss of Membership
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
(2) If the
former member is participating in the Variable Annuity Account, earnings or
losses of the Variable Annuity Account shall be credited to the former member's
variable account 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 for that year shall be credited based
on the latest year-to-date calculation for that year.
(b) Earnings or losses for the calendar year
of loss of membership shall be credited as of the end of the month of loss of
membership based on the latest year-to-date calculation as of the first of the
month following the date of loss of membership.
(3) Except as provided in 459-007-0160, no
earnings or losses shall be credited for any period following the calendar
month of loss of membership.
Notes
Stat. Auth.: ORS 238.650
Stats. Implemented: ORS 238.095
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.