Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 7 - EARNINGS AND INTEREST DISTRIBUTION
Section 459-007-0335 - Crediting Earnings for IAP Account Pre-Retirement Death Benefit Payments
Universal Citation: OR Admin Rules 459-007-0335
Current through Register Vol. 63, No. 9, September 1, 2024
(1) For the purposes of this rule, "monthly change rate" means the monthly earnings rate for IAP account(s) invested in the retirement installments fund.
(2) When a beneficiary or beneficiaries receive(s) pre-retirement death benefit payments under ORS 238A.410, earnings will be credited to the accounts established under ORS 238A.350 in the manner specified in this rule.
(a) For
payments made in the first month of distribution:
(A) If earnings for the calendar year before
the date of distribution(s) have not been credited, earnings for that year
shall be credited based on the member's target date fund's latest IAP
year-to-date calculation available for that year.
(B) Earnings credited for the calendar year
of distribution will be credited based on the member's target date fund's
latest IAP year-to-date calculation as of the first day of the calendar month
of the initial date of distribution.
(b) After the first month of distribution,
any remaining account balance from a deceased non-retired member's IAP account
will be moved to the retirement installments fund. Earnings for the remaining
account balance will be credited monthly using the latest monthly change rate
beginning with the first of the month after the first month of
distribution.
Statutory/Other Authority: ORS 238A.450
Statutes/Other Implemented: ORS 238A.350 & 238A.410
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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