Or. Admin. Code § 459-080-0015 - Investment of IAP Account Balance
(1) Definitions. For the purposes of this
rule:
(a) "IAP account" means the employee
account, employer account, and rollover account established under ORS
238A.350.
(b) "Retirement allocation fund" has the same
meaning as defined in OAR 459-007-0001(10).
(c) "Retirement installments fund" has the
same meaning as defined in OAR 459-007-0001(11).
(d) "Target date fund" has the same meaning
as defined in OAR 459-007-0001(12).
(e) "Valid election" means a member election,
received by PERS no later than September 30 of a calendar year, to have their
IAP account balance and new contributions invested in a target date fund of
their choice that can be administered by PERS and will take effect on January 1
of the following calendar year.
(2) Each member's IAP account balance will be
invested in one of the target date funds based upon the member's birth year,
except as provided in sections (4), (5), and (6) of this rule.
(3) Once PERS accepts as administrable a
divorce decree that awards a portion of a non-retired member's IAP account to
an alternate payee, PERS will administer the decree accordingly and the
alternate payee IAP account will be allocated to a target date fund based on
the alternate payee's birth year. PERS will allocate the alternate payee's IAP
account to the appropriate target date fund effective December 31 of the last
closed year for earnings crediting, as of the date PERS administers the
decree.
(4) During the calendar
yearwhen a retired member who elected IAP installment payments reestablishes
active membership, the member's remaining IAP account balance and any new IAP
contributions will be allocated in the retirement installments fund. Beginning
on the first day of the following calendar year, the member's remaining IAP
account balance and any new IAP contributions will be allocated to a target
date fund based on the member's birth year unless the member made a valid
election for a different target date fund under section (6) of this
rule.
(5) Except as otherwise
provided in this paragraph, a deceased non-retired member's IAP account will be
distributed from the member's target date fund. Once the account has been
processed for distribution, any balance that remains at the end of the month in
which the first distribution is made will be allocated to the retirement
installments fund as of the first of the following month. All remaining
distributions will be made from the retirement installments fund.
(6) Each calendar year from January through
September, a member with a non-retired IAP account may make one valid election.
(a) A valid election made under this section
cannot be changed or canceled.
(b)
In the event a member submits more than one election in a calendar year, PERS
will only consider the valid election with the earliest receipt date.
Notes
Statutory/Other Authority: ORS 238A.450
Statutes/Other Implemented: ORS 238A.050, OL 2018, Ch. 118 & OL 2019, Ch. 355, Sec. 2
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