Distribution of accounts to inactive member
(1) 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 and employer account to the extent the member is vested in those accounts under ORS 238A.320 (Vesting) if the inactive member has separated from all service with participating public employers and with 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 system and the fund as a qualified governmental retirement plan and trust.
(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) in which the member is vested.
(4) A member who is vested in the pension program established under this chapter and who is eligible to withdraw from the pension program under ORS 238A.120 (Withdrawal from pension program by vested inactive member) may make an election under this section only if the member also withdraws from the pension program. 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).
(5) 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]
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