Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 7 - EARNINGS AND INTEREST DISTRIBUTION
Section 459-007-0410 - Crediting Earnings Upon the Death of a Judge Member
Universal Citation: OR Admin Rules 459-007-0410
Current through Register Vol. 63, No. 9, September 1, 2024
Upon the death of a judge member, earnings will be credited to the judge member account as specified in this rule.
(1) If a judge member dies before retirement, earnings from the last judge member annual rate will be credited as follows:
(a) Judge member regular account.
(A) If earnings for the calendar year before
the calendar year of the judge member's death have not yet been credited,
earnings for that year will be credited based on the latest judge member
regular account year-to-date calculation available for that year.
(B) Earnings for the calendar year of the
judge member's death will be credited from January 1 to the first of the month
of the judge member's death based on the latest judge member regular account
year-to-date calculation as of the first of the month of the judge member's
death.
(b) If the judge
member was participating in the Variable Annuity Account:
(A) If earnings for the calendar year before
the calendar year of the judge member's death have not yet been credited,
earnings for that year will be credited based on the latest variable account
year-to-date calculation available for that year.
(B) Earnings for the calendar year of the
judge member's death will be credited from January 1 to the first of the month
of the judge member's death based on the latest variable account year-to-date
calculation as of the first of the month of the judge member's death.
(c) After earnings have been
credited in accordance with this section, the balance of the variable account
shall be added to the balance of the judge member regular account and the sum
shall constitute the judge member account balance as of the judge member's date
of death. No earnings or interest may be credited to the judge member account
after the judge member's date of death.
(2) If a judge member dies after the judge member's effective retirement date, the judge member account balance at retirement must be determined under the provisions of OAR 459-007-0420.
Stat. Auth.: ORS 238.650
Stats. Implemented: ORS 238.250, 238.255, 238.260, 238.515, 238.565, OL 2003 Ch. 625
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