Or. Admin. Code § 459-007-0250

Current through Register Vol. 63, No. 10, October 1, 2024

Section 459-007-0250 - Crediting Earnings at Tier Two Service or Disability Retirement

Upon the service or disability retirement of a Tier Two member, earnings from the effective date of the last annual rate to the effective retirement date shall be credited to the member account in the manner specified in this rule.

(1) Earnings shall be credited to the member's regular account as follows:

(a) If earnings for the prior calendar year have not yet been credited, earnings for that year shall be credited based on the Tier Two latest year-to-date calculation for that year.

(b) Earnings for the calendar year of the effective retirement date shall be credited based on the Tier Two latest year-to-date calculation for that year.

(2) If the member is participating in the Variable Annuity Account at retirement, earnings shall be credited to the member's variable account as follows:

(a) If earnings for the calendar year before the effective retirement date have not yet been credited, earnings for that year shall be credited based on the Tier Two latest year-to-date calculation for that year.

(b) Earnings for the calendar year of the effective retirement date shall be credited based on the Tier Two latest year-to-date calculation as of the effective retirement date.

Or. Admin. Code § 459-007-0250

PERS 7-1998, f. & cert. ef. 5-22-98; PERS 26-2004, f. 11-23-04, cert. ef. 3-15-05; PERS 3-2009, f. & cert. ef. 4-6-09

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.260, 238.300, 238.305 & 238.315