Or. Admin. Code § 459-007-0360 - Crediting Earnings to the Employee Pension Stability Account at Death

(1) When a beneficiary or beneficiaries receive(s) pre-retirement death benefit payments under ORS 238A.410, earnings will be credited to the member's Employee Pension Stability Account (EPSA) as follows:

(a) If earnings for the calendar year before the date the death benefit is calculated have not yet been credited, earnings shall be applied for that year based on the latest year-to-date Employee Pension Stability Account calculation for that year.

(b) Earnings for the calendar year the death benefit is calculated shall be credited based on the latest Employee Pension Stability Account year-to-date calculation for that year as of the first of the month that the death benefit is calculated.

(2) The member's EPSA will first be applied to the cost of the beneficiary's benefit under ORS 238.395 or 238A.230 that is attributable to the member's service on and after July 1, 2020.

(3) If the amount of the member's EPSA calculated in section (1) exceeds the amount required to fund the benefit described in section (2), the excess amount will be paid to the member's IAP beneficiary in a lump sum. If there is any remaining balance after the month the death benefit is calculated, the excess amount will continue to receive EPSA earnings until distributed to the beneficiary.

Notes

Or. Admin. Code § 459-007-0360

PERS 9-2020, adopt filed 06/23/2020, effective 6/23/2020

Statutory/Other Authority: ORS 238.650

Statutes/Other Implemented: ORS 238A.353 & 238A.410