Oregon Administrative Rules
Chapter 459 - OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM
Division 80 - OPSRP INDIVIDUAL ACCOUNT PROGRAM
Section 459-080-0020 - Withdrawal of Individual Accounts

(1) Definitions. For the purposes of this rule:

(2) An inactive member may withdraw the individual accounts under ORS 238A.375 if:

(3) A member may revoke a request for withdrawal of the individual accounts if PERS receives the member's written revocation of the request before the earlier of:

(4) A member who withdraws the individual accounts terminates membership in the IAP as of the effective date of withdrawal.

(5) An employer account not included in the withdrawn individual accounts by reason of the member's failure to vest in the employer account is permanently forfeited as of the date of distribution.

(6) A member who withdraws the individual accounts forfeits any service performed by the member before the separation described in subsection (2)(a) of this rule. Forfeited service will not be considered for the purpose of vesting in an employer account if subsequently employed with a participating employer.

(7) If a former member who has withdrawn the individual accounts returns to employment with a participating employer or an employer in a controlled group with a participating employer before the time required for a bona fide separation, the withdrawal is cancelled and membership is restored. The member must repay to PERS in a single payment the total amount of all payments attributable to the withdrawal within 30 days following the effective date of the employment. Upon receipt by PERS of repayment under this section, account(s) forfeited under section (5) of this rule and service forfeited under section (6) of this rule are restored effective the date of distribution. The repayment amount received will be credited pro rata to the accounts from which the withdrawal amount was derived.

(8) If the member fails to repay as provided in section (7) of this rule, PERS shall take all reasonable steps to recover the repayment amount due, including any interest, costs, or penalties assessed by PERS, under the provisions of ORS 238.715 and OAR 459-005-0610. Upon receipt by PERS of repayment under this section, account(s) forfeited under section (5) of this rule, and service forfeited under section (6) of this rule are restored effective the first day of the month following the date of repayment. The repayment amount received will be credited pro rata to the accounts from which the withdrawal amount was derived effective the first day of the month following the date of repayment.