ORS 238A.400
Payment of accounts at retirement

  • rules

(1)

Upon retirement on or after the earliest retirement date, as described in ORS 238A.165 (Earliest retirement age), a member of the individual account program shall receive in a lump sum 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).

(2)

In lieu of a lump sum payment under subsection (1) of this section, a member of the individual account program may elect to receive the amounts in the member’s employee account and employer account, to the extent the member is vested in those accounts under ORS 238A.320 (Vesting), in substantially equal installments paid over a period of 5, 10, 15 or 20 years, or over a period that is equal to the anticipated life span of the member as actuarially determined by the Public Employees Retirement Board. Installments may be made on a monthly, quarterly or annual basis. In no event may the period selected by the member exceed the time allowed by the minimum distribution requirements described in subsection (5) of this section. The board shall by rule establish the manner in which installments will be adjusted to reflect investment gains and losses on the unpaid balance during the payout period elected by the member under this subsection. The board by rule may establish minimum monthly amounts payable under this subsection. The board may require that a lump sum payment, or an installment schedule different than the schedules provided for in this subsection, be used to pay the vested amounts in the member’s accounts if those amounts are not adequate to generate the minimum monthly amounts specified by the rule.

(3)

A member of the individual account program electing to receive installments under subsection (2) of this section must designate a beneficiary or beneficiaries. In the event the member dies before all amounts in the employee and vested employer accounts are paid, all remaining installment payments shall be made to the beneficiary or beneficiaries designated by the member. A beneficiary may elect to receive a lump sum distribution of the remaining amounts.

(4)

A member who is entitled to receive retirement benefits under ORS chapter 238 may receive vested amounts in the member’s employee account, rollover account and employer account in the manner provided by this section when the member retires for service under the provisions of ORS chapter 238.

(5)

Notwithstanding any other provision of ORS 238A.300 (Establishing membership under individual account program) to 238A.415 (Credit for service in uniformed services), the entire interest of a member of the individual account program must be distributed over a time period commencing no later than the latest retirement date set forth in ORS 238A.170 (Latest retirement date), 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 April 1, 2021. The board shall adopt rules implementing those minimum distribution requirements. [2003 c.733 §41; 2005 c.152 §10; 2007 c.71 §75; 2007 c.412 §1; 2009 c.5 §7; 2009 c.909 §7; 2010 c.82 §7; 2011 c.7 §7; 2012 c.31 §7; 2013 c.377 §7; 2014 c.52 §7; 2015 c.442 §7; 2016 c.33 §8; 2017 c.527 §8; 2018 c.101 §8; 2019 c.319 §8; 2021 c.456 §9]

Source: Section 238A.400 — Payment of accounts at retirement; rules, 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
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