Or. Admin. Code § 459-045-0034

Current through Register Vol. 63, No. 11, November 1, 2024

Section 459-045-0034 - General Administration for Individual Account Program (IAP)

(1) A percentage award will be applied against the member's account(s) to the extent the member is vested in the account(s). A dollar amount will be applied on a pro-rata basis against the member's account(s) to the extent the member is vested in the account(s).

(2) An alternate payee account shall be credited with earnings and losses in accordance with OAR chapter 459, division 007.

(3) Employee Pension Stability Accounts are accounts under the IAP and are not independently awardable in a divorce proceeding. Any EPSA excess, as defined in 459-005-0001, will be paid to the member, beneficiary, and/or alternate payee in the same proportion as the IAP division of benefits.

(4)

(a) At the time of distribution to the alternate payee, PERS shall provide the alternate payee a written summary of the information used in making the calculation for the distribution of benefits. An alternate payee may dispute the accuracy of the information used in making the calculation of the distribution of benefits by filing a written notice with PERS by the later of:

(A) The 30th day after the date on which the information and calculation is provided to the alternate payee under this section; or

(B) The 30th day after the issue date of the first distribution of benefits to the alternate payee.

(b) Upon receiving a notice as described above, PERS shall determine the accuracy of the disputed information and make a written decision either affirming the accuracy of the original information and calculation or changing the calculation using corrected information. PERS shall provide the alternate payee with a copy of the decision and a written explanation of any applicable statutes and rules.

(c) This section does not limit any authority of PERS to correct an incorrect calculation of any benefit.

(5) If an alternate payee was a partner of the member, the award to the alternate payee is a distribution to the member for federal tax purposes. Therefore, an award of an alternate payee account as described in OAR 459-045-0014(2) and (3) will not be distributed until such distribution would not jeopardize the plan's tax qualified status.

Or. Admin. Code § 459-045-0034

PERS 4-2010, f. & cert. ef. 5-28-10; PERS 5-2021, amend filed 07/23/2021, effective 7/23/2021

Statutory/Other Authority: ORS 238.465, ORS 238.650 & ORS 238A.450

Statutes/Other Implemented: ORS 238.465 & ORS 238A.450