Or. Admin. Code § 459-080-0400 - Employee Pension Stability Account (EPSA)
(1) The Employee
Pension Stability Account (EPSA) is a member account under the IAP as
established in ORS 238A.353. A portion of the
member contributions is credited to the member's EPSA when the member's monthly
salary exceeds the threshold amount and the system funded status is below
90%.
(2) The monthly salary
threshold amount:
(a) Is $3,688 for calendar
year 2024;
(b) Includes salary from
all PERS covered employment during the calendar month; and
(c) Is determined based on the date the
salary is paid except for retroactive salary payments, which are allocated to
the period when the salary was earned or would have been earned.
(3) Though part of the IAP, EPSA
funds are not invested in target date funds. EPSA funds are held in a separate
member account that will be credited annually with earnings or losses in
accordance with OAR 459-007-0005. There is no guaranteed rate of return on a
member's EPSA.
(4) Unless withdrawn
prior to earliest retirement age, a member's EPSA will be applied to the cost
of the member's retirement or other pension benefit attributable to service on
and after July 1, 2020. The portion of the member's benefit attributable to
service on and after July 1, 2020 will be determined by dividing the number of
months of service after July 1, 2020 by the total months of service.
(5) If the amount in the EPSA exceeds the
cost of the pension or other retirement benefits that are payable to the member
or the member's beneficiary determined according to section (4) of this rule,
the board shall pay the excess amounts in a lump sum to the member or the
member's IAP beneficiary.
Notes
Statutory/Other Authority: ORS 238A.450
Statutes/Other Implemented: ORS 238A.050, OL 2019, Ch. 355, Sec. 2, OL 2018, Ch. 118, ORS 238A.330 & OL 2021, Ch. 298
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