Or. Admin. Code § 459-007-0160

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

Section 459-007-0160 - Crediting Earnings to Loss of Membership Account for Periods of Active Membership

In accordance with ORS 238.095(5), when a former member establishes membership in the system and has a Loss of Membership account, earnings or losses during dates of active membership will be credited to the Loss of Membership account in the manner specified in this rule.

(1) Partial year crediting.

(a) If active membership begins after the first of the year and continues through the end of the calendar year, earnings or losses from the date of active membership to December 31 of that calendar year shall be credited to the Loss of Membership account based on the Tier Two rate for the calendar year less the latest year to date Tier Two rate on the date of active membership.

(b) If the member is active on January 1 of the calendar year and active membership ends before December 31 of that calendar year, earnings or losses shall be credited to the Loss of Membership account based on the latest year to date Tier Two rate available as of the first of the month in which active membership ends.

(c) If active membership begins after the first of the year and ends before December 31 of that calendar year, earnings or losses shall be credited to the Loss of Membership account based on the latest year to date Tier Two rate available as of the first of the month in which active membership ends less the latest year to date Tier Two rate available on the date of active membership.

(2) Full year crediting. Earnings or losses for full calendar years of active membership will be credited based on the Tier Two rate for the year.

(3) The effective date of this rule is July 17, 2007. No earnings or losses will be credited to a Loss of Membership account for periods of active membership before July 17, 2007.

Or. Admin. Code § 459-007-0160

PERS 12-2007, f. & cert. ef. 11-23-07

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.095, 238.435 & OL 2007 Ch. 776