ORS 238A.375
Distribution of accounts to inactive member


(1)

Intentionally left blank —Ed.

(a)

An inactive member of the individual account program may elect to receive a distribution of the amounts in the member’s employee account, rollover account, employer account and employee pension stability account to the extent the member is vested in those accounts under ORS 238A.320 (Vesting) if the inactive member:

(A)

Has a bona fide separation from all service with participating public employers;

(B)

Is not employed with, or has a bona fide separation from, all employers who are treated as part of a participating public employer’s controlled group under the federal laws and rules governing the status of the Public Employees Retirement System and the Public Employees Retirement Fund as a qualified governmental retirement plan and trust; and

(C)

Has not attained earliest retirement age.

(b)

The board shall deny the distribution, or take all steps necessary to recover distributed amounts, if the board determines that the member’s separation is not a bona fide separation.

(2)

If an inactive member of the individual account program who is not vested in the employer account receives a distribution under subsection (1) of this section, the employer account of the member is permanently forfeited as of the date of the distribution.

(3)

A member may not make an election under this section for less than all of the member’s individual accounts described in ORS 238A.350 (Individual accounts established), and the member’s employee pension stability account described in ORS 238A.353 (Employee pension stability accounts established), in which the member is vested.

(4)

A member who is also a member of the pension program established under this chapter and who withdraws the member’s accounts under this section cancels all membership rights in the system.

(5)

A member who has a member account established under ORS chapter 238 may make an election under this section only if the member also withdraws that member account in the manner provided by ORS 238.265 (Withdrawal of member account). A member who has an account established under ORS 238.440 (Optional purchase of benefit units by police and firefighters) may make an election under this section only if the member also withdraws the account established under ORS 238.440 (Optional purchase of benefit units by police and firefighters).

(6)

If an inactive member receives a distribution under subsection (1) of this section and is subsequently reemployed by a participating public employer, any service performed before the date the member became an inactive member may not be used toward the period of service required for vesting in the employer account under ORS 238A.320 (Vesting). [2003 c.733 §40; 2005 c.152 §3; 2007 c.52 §3; 2019 c.355 §8; 2021 c.135 §5]

Source: Section 238A.375 — Distribution of accounts to inactive member, https://www.­oregonlegislature.­gov/bills_laws/ors/ors238A.­html.

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
Green check means up to date. Up to date