2007 ORS 238.258¹
Minimum regular account balance

(1) Notwithstanding any other provision of this chapter, the regular account balance of a member or alternate payee described in subsection (3) of this section may not be less than the amount provided for under subsection (2) of this section for the purpose of computing retirement allowances, death benefits and amounts to be paid to a withdrawing member under ORS 238.265 (Withdrawal of member account) and for other computations under the provisions of this chapter that are based on a member’s or alternate payee’s regular account balance. If the regular account balance of a member or alternate payee described in subsection (3) of this section is less than the amount provided for under subsection (2) of this section at the time of retirement or withdrawal of the account, the Public Employees Retirement Board shall credit the account with the difference and charge the amount so credited to the reserve account established under ORS 238.255 (Credits to regular accounts when earnings less than assumed interest rate).

(2) The minimum regular account balance for a member or alternate payee described in subsection (3) of this section is the amount that the regular account of a member or alternate payee would have contained if the regular account of the member had been credited with earnings at the assumed interest rate in every year in which the regular account of the member or alternate payee was in existence.

(3) The provisions of this section apply only to:

(a) A member who establishes membership in the system before January 1, 1996, as described in ORS 238.430 (Limitation on benefits payable to persons establishing membership on or after January 1, 1996), and who retires or withdraws the member account of the member on or after April 1, 2004; and

(b) An alternate payee of a member described in paragraph (a) of this subsection. [2003 c.67 §8; 2003 c.625 §12]

Notes of Decisions

Allowing crediting of member accounts in certain years with earnings at less than assumed interest rate unconstitu­tionally alters state's contract obliga­tion. Strunk v. Public Employees Retire­ment Board, 338 Or 145, 108 P3d 1058 (2005)

1 Legislative Counsel Committee, CHAPTER 238—Public Employees Retirement System, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­238.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 238, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­238ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.