2017 ORS 238A.125¹
Amount of pension
  • rules

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This section is amended
Effective June 2, 2018
Relating to connection to federal tax law; creating new provisions; amending ORS 178.300, 238A.005, 238A.125, 238A.150, 238A.170, 238A.230, 238A.370, 238A.400, 238A.410, 238A.415, 238A.430, 238A.435, 305.230, 305.494, 305.690, 305.842, 314.011, 314.306, 315.004, 316.012, 316.147, 316.157, 317.010, 317.097, 317.267, 458.670 and 657.010; repealing ORS 317.716 and 317.717; and prescribing an effective date.

(1) Upon retiring at normal retirement age, a vested pension program member shall be paid an annual pension for the life of the member as follows:

(a) For service as a police officer or firefighter, 1.8 percent of final average salary multiplied by the number of years of retirement credit attributable to service as a police officer or firefighter.

(b) For service as other than a police officer or firefighter, 1.5 percent of final average salary multiplied by the number of years of retirement credit attributable to service as other than a police officer or firefighter.

(2) Notwithstanding any provision of ORS 238A.100 (Establishing membership under pension program) to 238A.250 (Option of legislators to receive certain benefits), the annual benefit payable to a member under the pension program and under any other tax-qualified defined benefit plan maintained by the participating public employer may not exceed the applicable limitations set forth in 26 U.S.C. 415(b), as in effect on December 31, 2016. The Public Employees Retirement Board shall adopt rules for the administration of this limitation, including adjustments in the annual dollar limitation to reflect cost-of-living adjustments authorized by the Internal Revenue Service.

(3) The board shall make no actuarial adjustment in a member’s pension calculated under this section by reason of the member’s retirement after normal retirement age. [2003 c.733 §9; 2009 c.5 §2; 2009 c.909 §2; 2010 c.82 §2; 2011 c.7 §2; 2012 c.31 §2; 2013 c.377 §2; 2014 c.52 §2; 2015 c.442 §2; 2016 c.33 §3; 2017 c.527 §3]

1 Legislative Counsel Committee, CHAPTER 238A—Oregon Public Service Retirement Plan, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors238A.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.