ORS 238A.320
Vesting


(1)

A member of the individual account program becomes vested in the employee account established for the member under ORS 238A.350 (Individual accounts established) (2) on the date the employee account is established.

(2)

A member who makes rollover contributions becomes vested in the rollover account established for the member under ORS 238A.350 (Individual accounts established) (4) on the date the rollover account is established.

(3)

Except as provided in subsection (4) of this section, if an employer makes employer contributions for a member under ORS 238A.340 (Employer contributions) the member becomes vested in the employer account established under ORS 238A.350 (Individual accounts established) (3) on the earliest of the following dates:

(a)

The date on which the member completes at least 600 hours of service in each of five calendar years. The five calendar years need not be consecutive, but are subject to the provisions of subsection (5) of this section.

(b)

The date on which an active member reaches the normal retirement age for the member under ORS 238A.160 (Normal retirement age).

(c)

If the individual account program is terminated, the date on which termination becomes effective, but only to the extent the account is then funded.

(d)

The date on which an active member becomes disabled, as described in ORS 238A.155 (Retirement credit for periods of disability) (5).

(e)

The date on which an active member dies.

(4)

If on the date that a person becomes an active member the person has already reached the normal retirement age for the person under ORS 238A.160 (Normal retirement age), and the employer makes employer contributions for the member under ORS 238A.340 (Employer contributions), the person is vested in the employer account established under ORS 238A.350 (Individual accounts established) (3) on that date.

(5)

If a member of the individual account program who is not vested in the employer account performs fewer than 600 hours of service in each of five consecutive calendar years, hours of service performed before the first calendar year of the period of five consecutive calendar years shall be disregarded for purposes of determining whether the member is vested under subsection (3)(a) of this section.

(6)

Solely for purposes of determining whether a member is vested under subsection (3)(a) of this section, hours of service include creditable service, as defined in ORS 238.005 (Definitions), performed by the person before the person became an eligible employee, as long as the membership of the person under ORS chapter 238 has not been terminated under the provisions of ORS 238.095 (Termination of membership) on the date the person becomes an eligible employee.

(7)

A member becomes vested in the employee pension stability account established for the member under ORS 238A.353 (Employee pension stability accounts established) on the date the employee pension stability account is established. [2003 c.733 §31; 2011 c.9 §27; 2011 c.722 §11; 2019 c.355 §6]
238A.005
Definitions
238A.010
Computation of hours of service
238A.025
Oregon Public Service Retirement Plan established
238A.030
Information technology system
238A.050
Oregon Public Service Retirement Plan part of Public Employees Retirement System
238A.070
Participation generally
238A.100
Establishing membership under pension program
238A.110
Termination of membership
238A.115
Vesting
238A.117
Vesting of member killed in course and scope of employment
238A.120
Withdrawal from pension program by vested inactive member
238A.125
Amount of pension
238A.130
Final average salary
238A.140
Accrual of retirement credit
238A.142
Accrual by academic employees of community college
238A.145
Loss of retirement credit
238A.150
Retirement credit for service in uniformed services
238A.155
Retirement credit for periods of disability
238A.160
Normal retirement age
238A.165
Earliest retirement age
238A.170
Latest retirement date
238A.180
Normal retirement benefit
238A.185
Early retirement
238A.190
Survivorship benefits
238A.195
Cash out of small benefits
238A.200
Actuarial equivalency factor tables
238A.210
Cost-of-living adjustment
238A.220
Employer contributions
238A.230
Death benefit
238A.235
Disability benefit
238A.240
Funding of disability benefit
238A.245
Reemployment after commencement of pension benefits
238A.250
Option of legislators to receive certain benefits
238A.300
Establishing membership under individual account program
238A.305
Persons establishing membership in system before August 29, 2003
238A.310
Termination of membership
238A.320
Vesting
238A.330
Employee contributions
238A.335
Employer payment of employee contribution
238A.340
Employer contributions
238A.350
Individual accounts established
238A.353
Employee pension stability accounts established
238A.360
Rollover contributions
238A.370
Limitation on contributions
238A.375
Distribution of accounts to inactive member
238A.400
Payment of accounts at retirement
238A.410
Death benefits
238A.415
Credit for service in uniformed services
238A.420
Investment options under individual account program
238A.422
Limitation of liability
238A.430
Direct rollovers
238A.435
Distribution of death benefit as rollover distribution
238A.450
Rules for Oregon Public Service Retirement Plan
238A.460
Limitation on powers of board, director and staff
238A.465
Legislative intent relating to increased benefits
238A.470
Contract rights under Oregon Public Service Retirement Plan
238A.475
Application of legislative changes to legislators
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