Or. Admin. Code § 459-007-0410

Current through Register Vol. 63, No. 12, December 1, 2024

Section 459-007-0410 - Crediting Earnings Upon the Death of a Judge Member

Upon the death of a judge member, earnings will be credited to the judge member account as specified in this rule.

(1) If a judge member dies before retirement, earnings from the last judge member annual rate will be credited as follows:

(a) Judge member regular account.

(A) If earnings for the calendar year before the calendar year of the judge member's death have not yet been credited, earnings for that year will be credited based on the latest judge member regular account year-to-date calculation available for that year.

(B) Earnings for the calendar year of the judge member's death will be credited from January 1 to the first of the month of the judge member's death based on the latest judge member regular account year-to-date calculation as of the first of the month of the judge member's death.

(b) If the judge member was participating in the Variable Annuity Account:

(A) If earnings for the calendar year before the calendar year of the judge member's death have not yet been credited, earnings for that year will be credited based on the latest variable account year-to-date calculation available for that year.

(B) Earnings for the calendar year of the judge member's death will be credited from January 1 to the first of the month of the judge member's death based on the latest variable account year-to-date calculation as of the first of the month of the judge member's death.

(c) After earnings have been credited in accordance with this section, the balance of the variable account shall be added to the balance of the judge member regular account and the sum shall constitute the judge member account balance as of the judge member's date of death. No earnings or interest may be credited to the judge member account after the judge member's date of death.

(2) If a judge member dies after the judge member's effective retirement date, the judge member account balance at retirement must be determined under the provisions of OAR 459-007-0420.

Or. Admin. Code § 459-007-0410

PERS 5-2009, f. & cert. ef. 4-6-09

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.250, 238.255, 238.260, 238.515, 238.565, OL 2003 Ch. 625