Current through Register Vol. 63, No. 9, September 1, 2024
(1) A final court order that provides for a
division of benefits must use a method described in this rule.
(a) The method must be identified on PERS
divorce forms.
(b) The PERS divorce
forms must be attached as exhibits to the court order, and incorporated by
reference in the court order.
(2) Award of IAP Alternate Payee Account
(Non-Retired Member). If a final court order provides an award of an alternate
payee account to be established from the account balance of a member, the court
order must provide:
(a) The date of
annulment, separation, divorce, or property settlement. If no date is provided,
PERS will use the date the judge signed the court order.
(A) The separate account will be established
from the member's account balance as of December 31 of the calendar year before
this date unless:
(i) A prior year is
provided in the court order; or
(ii) The date is December
31.
(B) If the date in
subsection (a) of this section is other than December 31, contributions made
during that calendar year will not be included in the calculation of the
alternate payee's award.
(b) That the separate account be established
in an alternate payee's name.
(c)
The method by which the award is to be calculated. One of the following methods
must be used:
(A) A percentage, expressed with
up to two decimal points; or
(B) A
dollar amount.
(d)
Whether the member may change their pre-retirement beneficiary designation, if
the alternate payee was named as beneficiary.
(3) Award of IAP Alternate Payee Account
(Retired Member). If a final court order provides an award of an alternate
payee account to be established from the remaining account balance of a retired
member receiving installment payments, to be effective on the date that PERS
establishes the alternate payee account, the court order must provide:
(a) The date of annulment, separation,
divorce, or property settlement. If no date is provided, PERS will use the date
the judge signed the court order.
(b) That a separate account be established in
an alternate payee's name.
(A) The effective
date of the alternate payee account shall be as soon as administratively
feasible after PERS receives and approves a final court order as
administrable.
(B) The alternate
payee will be notified when the account has been established.
(C) The alternate payee account shall be
distributed in a lump sum payment.
(D) Any installment payments paid to the
member before the alternate payee account is established will not be included
in the award.
(c) The
award as a percentage, expressed with up to two decimal points.
(d) Whether the member may or must change
their beneficiary designation.
(4) 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.
Statutory/Other Authority: ORS
238.465,
ORS
238.650,
ORS
238A.353 & ORS
238A.450
Statutes/Other Implemented: ORS
238.465
