Current through Register Vol. 63, No. 9, September 1, 2024
(1)
Experience Study. The Director shall take steps to assure that the Board's
consulting actuary shall present the Experience Study required by ORS
238.605 to the Board by
September 1 of each odd numbered year.
(2) Actuarial Equivalency Study. The Director
shall take steps to assure, pursuant to ORS
238.630(3)(g),
that the Board's consulting actuary shall present an Actuarial Equivalency
Study to the Board as soon as practicable, but no later than the December 15
next following the presentation of the Experience Study described in section
(1) of this rule. Such Actuarial Equivalency Study shall review the assumptions
and the actuarial factors used to:
(a)
Convert account balances to monthly allowances;
(b) Convert the standard form of benefit (ORS
238.300) to elective options
with various survivorship features (ORS
238.305); and
(c) Reduce service retirement allowances for
early retirement (ORS
238.280).
(3) Adoption of actuarial equivalency
factors.
(a) The Board shall adopt actuarial
equivalency factor tables to be effective January 1 of each even numbered
year.
(b) Actuarial equivalency
factor tables adopted under this section shall comply with the standards set
forth in OAR 459-005-0060.
(4) Calculation of retirement allowance under
the Chapter 238 Program.
(a) The provisions
of this section apply to any member or alternate payee with an effective date
of retirement on or after July 1, 2003, except for a person who is a judge
member on June 30, 2003, and who makes an election under ORS
238.565(4).
(b) PERS shall establish years of service, an
account balance and final average salary as of June 30, 2003, for each person
described in subsection (a) of this section. The years of service, account
balance and final average salary shall be determined as provided in section 40
of chapter 67, Oregon Laws 2003 (Enrolled HB 2003).
(c) For each person described in subsection
(a) of this section, the Board shall perform the following two calculations:
(A) "Regular" calculation. The Board shall
calculate the retirement allowance using:
(i)
The years of service, account balance and final average salary as of the
effective date of retirement;
(ii)
All calculations applicable to the member under ORS
238.300(2);
(iii) The optional form of retirement
allowance selected by the member at retirement under ORS
238.300,
238.305,
238.320 or
238.325; and
(iv) The actuarial equivalency factor tables
in effect on the effective date of retirement.
(B) "Look-back" calculation. The Board shall
calculate the retirement allowance using:
(i)
The years of service, account balance and final average salary described in
subsection (b) of this section;
(ii) All calculations applicable to the
member under ORS 238.300(2);
(iii) The optional form of retirement
allowance selected by the member under ORS
238.300,
238.305,
238.320 or
238.325; and
(iv) The actuarial equivalency factor tables
in effect on June 30, 2003.
(d) The retirement allowance shall be the
higher of the amounts described in paragraphs (c)(A) and (c)(B) of this
section, payable as of the effective date of retirement.
(5) Death benefit payments. Any monthly
payments to be made to a beneficiary under ORS
238.390,
238.395 or
238.405 for a member who dies on
or after May 9, 2003, shall be calculated using the actuarial equivalency
factor tables that are in effect on the date that the first payment is due the
beneficiary.
(6) Judge members. The
actuarial equivalency factor tables in effect on June 30, 2003, shall be used
to calculate the retirement allowance and surviving spouse pension of a person
who is a judge member on June 30, 2003, and who makes an election under ORS
238.565(4),
whether that election is made before, on or after June 30, 2003.
Stat. Auth: ORS
238.630 &
238.650
Stats. Implemented: ORS
238.605,
238.607,
238.630)
