Or. Admin. Code § 459-010-0055 - Withdrawal of Contributions
(1)
Definitions. For purposes of this rule:
(a) A
"controlled group" is a group of employers treated as a single employer for
purposes of maintaining qualified status under federal law.
(b) "Effective date of withdrawal" has the
same meaning as given the term in OAR
459-005-0001(10).
(c) "Member account" means the account
established under ORS
238.250.
(2) An inactive member may withdraw the
member account balance under ORS
238.265 if:
(a) The member has separated from employment
with all participating employers and all employers in a controlled group with a
participating employer;
(b) PERS
receives the member's request for withdrawal of the member account before the
member reaches earliest service retirement age;
(c) The member has been absent from service
with all participating employers and all employers in a controlled group with a
participating employer for at least one full calendar month following the month
of separation; and
(d) The member
complies with the requirements of section 1, chapter 52, Oregon Laws
2007.
(3) Under no
circumstance may a member withdraw less than the entire balance in the member
account.
(4) A member who withdrew
the member account and received an additional 50 percent of the member account
pursuant to section 2, chapter 276, Oregon Laws 2003 may not subsequently
restore the creditable service forfeited by the withdrawal under ORS
238.105 or
238.115.
(5) The member may revoke the request for
withdrawal of the member account if PERS receives a written request to revoke
before the earlier of:
(a) The date of
distribution; or
(b) The date PERS
receives a valid court order requiring PERS to pay the distribution to someone
other than the withdrawing member.
(6) If a member withdraws the member account
under this rule, membership in the PERS Chapter 238 Program shall be terminated
as of the effective date of withdrawal. Membership rights accrued under ORS
chapter 238 before the effective date of withdrawal, including any service
rights attributable to employment before the effective date of withdrawal, are
forfeited.
(7) If a former member
who has withdrawn the member account under this rule returns to employment with
any participating employer or an employer in a controlled group with a
participating employer before the first day of the second calendar month
following the month of the separation described in subsection (2)(a) of this
rule, the withdrawal is cancelled and membership is restored. The member must
repay to PERS in a single payment the total amount of the payments attributable
to the withdrawal within 30 days following the effective date of employment.
Upon receipt by PERS of repayment under this section, service rights forfeited
under section (6) of this rule are restored as of the effective date of
withdrawal. The repayment amount will be credited pro rata to the accounts from
which the withdrawal amount was derived.
(8) If the member fails to repay as provided
in section (7) of this rule, PERS shall take all reasonable steps to recover
the repayment amount due, including any interest, costs, or penalties assessed
by PERS, under the provisions of ORS
238.715 and OAR
459-005-0610. Upon receipt by
PERS of repayment under this section, service rights forfeited under section
(6) of this rule are restored effective the first day of the month following
the date of repayment. The repayment amount will be credited pro rata to the
accounts from which the withdrawal amount was derived effective the first day
of the month following the date of repayment.
Notes
Statutory/Other Authority: ORS 238.650
Statutes/Other Implemented: ORS 238.265, OL 2003 Ch. 276 & OL 2007 Ch. 52
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