Or. Admin. Code § 459-045-0034 - General Administration for Individual Account Program (IAP)
(1) A percentage
award will be applied against the member's account(s) to the extent the member
is vested in the account(s). A dollar amount will be applied on a pro-rata
basis against the member's account(s) to the extent the member is vested in the
account(s).
(2) An alternate payee
account shall be credited with earnings and losses in accordance with OAR
chapter 459, division 007.
(3)
Employee Pension Stability Accounts are accounts under the IAP and are not
independently awardable in a divorce proceeding. Any EPSA excess, as defined in
459-005-0001, will be paid to
the member, beneficiary, and/or alternate payee in the same proportion as the
IAP division of benefits.
(4)
(a) At the time of distribution to the
alternate payee, PERS shall provide the alternate payee a written summary of
the information used in making the calculation for the distribution of
benefits. An alternate payee may dispute the accuracy of the information used
in making the calculation of the distribution of benefits by filing a written
notice with PERS by the later of:
(A) The
30th day after the date on which the information and calculation is provided to
the alternate payee under this section; or
(B) The 30th day after the issue date of the
first distribution of benefits to the alternate payee.
(b) Upon receiving a notice as described
above, PERS shall determine the accuracy of the disputed information and make a
written decision either affirming the accuracy of the original information and
calculation or changing the calculation using corrected information. PERS shall
provide the alternate payee with a copy of the decision and a written
explanation of any applicable statutes and rules.
(c) This section does not limit any authority
of PERS to correct an incorrect calculation of any benefit.
(5) If an alternate payee was a partner of
the member, the award to the alternate payee is a distribution to the member
for federal tax purposes. Therefore, an award of an alternate payee account as
described in OAR 459-045-0014(2) and
(3) will not be distributed until such
distribution would not jeopardize the plan's tax qualified status.
Notes
Statutory/Other Authority: ORS 238.465, ORS 238.650 & ORS 238A.450
Statutes/Other Implemented: ORS 238.465 & ORS 238A.450
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