Or. Admin. R. 459-005-0580

Current through Register Vol. 63, No. 6, June 1, 2024

Section 459-005-0580 - Trustee-to-Trustee Transfers

(1) For purposes of this rule, "trustee-to-trustee transfer" means a transfer of funds from an eligible retirement plan to PERS for the purpose of obtaining restoration of forfeited creditable service or purchasing retirement credit pursuant to ORS 238.222.

(2)

(a) Except as provided in subsection (c) of this section, PERS must receive the trustee-to-trustee transfer within the time period established in the particular statute for restoration of creditable service or obtaining retirement credit included in ORS 238.222(1).

(b) A trustee-to-trustee transfer received by PERS outside the time period determined under subsection (a) of this section for the transfer will be returned to the eligible retirement plan from which the transfer was received.

(c) If the cost of restoration of creditable service or obtaining retirement credit is adjusted and PERS determines that the amount required is greater than the amount originally received, a trustee-to-trustee transfer may be made to remit the additional amount required.

(d) Nothing in ORS 238.222 or this rule shall be construed to provide an extension of time for restoration of forfeited creditable service or obtaining retirement credit outside the time permitted under the relevant statutes.

(3) If PERS receives a trustee-to-trustee transfer and determines that all or a portion of the transfer may not be accepted by PERS and must be returned, PERS will transfer the amount back to the eligible retirement plan from which the transfer was received.

(4) The provisions of this rule are effective on September 1, 2011.

Or. Admin. R. 459-005-0580

PERS 2-2011, f. & cert. ef. 6-1-11

Stat. Auth.: ORS 238.222 & 238.650

Stats. Implemented: ORS 238.222 and section 2, Chapter 971, Oregon Laws 1999