Or. Admin. Code § 459-013-0060 - Payment of Retirement Benefits
(1) Retirement benefits shall be payable each
month as of the first day of the month following the effective date of
retirement.
(a) When the first day of the
month falls on a weekend or a PERS holiday, retirement benefits processed
through electronic funds transfer shall be payable on the last PERS working day
of the prior month.
(b) At the time
of death, accrued benefits shall be payable as provided under OAR
459-014-0050(4).
(2) If a retiree elects to receive
more than one installment payment as provided under ORS
238.305(4), the
subsequent installment payments will be paid on the anniversary of the first
day of the month that the initial installment payment was made.
(3) Notwithstanding section (1) of this rule,
retirement benefits payable on January 1 shall always be paid in the month of
January.
(4) A retired member who
is eligible to convert their service retirement allowance as described in ORS
238.305(6),
238.305(7) or
238.325(3) must
submit a request to convert their benefit before the retirement benefit can be
increased to the higher paying Option 1 benefit. The request must be in a
format approved by PERS and received by PERS prior to member's date of death.
To be eligible to convert their benefit pursuant to the termination of a
marriage, the member and the beneficiary must have been married on the member's
effective date of retirement.
Notes
Statutory/Other Authority: ORS 238.650
Statutes/Other Implemented: ORS 238.300 & 238.305
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