Or. Admin. Code § 459-007-0110

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

Section 459-007-0110 - Crediting Earnings at Tier One Loss of Membership

When a Tier One member's membership terminates under ORS 238.095(2), earnings from the effective date of the last annual rate to the first of the month following the month of loss of membership shall be credited to the member account in the manner specified in this rule.

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

(a) If earnings for the calendar year before the date of loss of membership have not yet been credited, earnings shall be credited for that year based on the Tier One latest year-to-date calculation available for that year.

(b) Earnings for the calendar year of loss of membership shall be credited based on the Tier One latest year-to-date calculation as of the first of the month following the date of loss of membership.

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

(a) If earnings for the calendar year before the date of loss of membership have not yet been credited, earnings for that year shall be credited based on the Tier One latest year-to-date calculation available for that year.

(b) Earnings for the calendar year of loss of membership shall be credited as of the end of the calendar month of loss of membership based on the Tier One latest year-to-date calculation as of the first of the month following the date of loss of membership

(3) Except as provided in OAR 459-007-0160, no earnings shall be credited for any period following the calendar month of loss of membership.

Or. Admin. Code § 459-007-0110

PERS 9-1998, f. 5-22-98, cert. ef. 1-1-2000; PERS 4-2003(Temp), f. 6-13-03, cert. ef. 7-1-03 thru 12-26-03; PERS 13-2003, f. & cert. ef. 11-14-03; PERS 12-2007, f. & cert. ef. 11-23-07; PERS 3-2009, f. & cert. ef. 4-6-09

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.095 & 238.435