(1) An active member of the pension program who is 70-1/2 years of age or older must retire not later than April 1 of the calendar year following the calendar year in which the member terminates employment with all participating public employers. An inactive member of the pension program must retire not later than April 1 of the calendar year following the calendar year in which the member attains 70-1/2 years of age.
(2) Notwithstanding any other provision of ORS 238A.100 (Establishing membership under pension program) to 238A.250 (Option of legislators to receive certain benefits), the entire interest of a member of the pension program must be distributed over a time period commencing no later than the required beginning date set forth in subsection (1) of this section, and must be distributed in a manner that satisfies all other minimum distribution requirements of 26 U.S.C. 401(a)(9) and regulations implementing that section, as in effect on December 31, 2014. The Public Employees Retirement Board shall adopt rules implementing those minimum distribution requirements. [2003 c.733 §17; 2009 c.5 §4; 2009 c.909 §4; 2010 c.82 §4; 2011 c.7 §4; 2012 c.31 §4; 2013 c.377 §4; 2014 c.52 §4; 2015 c.442 §4]