Or. Admin. Code § 459-007-0335 - Crediting Earnings for IAP Account Pre-Retirement Death Benefit Payments
(1) For the
purposes of this rule, "monthly change rate" means the monthly earnings rate
for IAP account(s) invested in the retirement installments fund.
(2) When a beneficiary or beneficiaries
receive(s) pre-retirement death benefit payments under ORS
238A.410, earnings will be
credited to the accounts established under ORS
238A.350 in the manner specified
in this rule.
(a) For payments made in the
first month of distribution:
(A) If earnings
for the calendar year before the date of distribution(s) have not been
credited, earnings for that year shall be credited based on the member's target
date fund's latest IAP year-to-date calculation available for that
year.
(B) Earnings credited for the
calendar year of distribution will be credited based on the member's target
date fund's latest IAP year-to-date calculation as of the first day of the
calendar month of the initial date of distribution.
(b) After the first month of distribution,
any remaining account balance from a deceased non-retired member's IAP account
will be moved to the retirement installments fund. Earnings for the remaining
account balance will be credited monthly using the latest monthly change rate
beginning with the first of the month after the first month of
distribution.
Notes
Statutory/Other Authority: ORS 238A.450
Statutes/Other Implemented: ORS 238A.350 & 238A.410
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