Oregon Administrative Code

459-040-0030 Plan A Service Retirement Allowance (1) The Plan A service retirement allowance is a life pension calculated in accordance with ORS 238.535(1)(a). (2) A judge member is not eligible to receive a service retirement allowance under Plan A before the judge member turns …

459-040-0040 Plan B Service Retirement Allowance (1) The Plan B service retirement allowance is a life pension calculated in accordance with ORS 238.535(1)(b). (2) A judge member is not eligible to receive a service retirement allowance under Plan B before age 60. (3) A judge mem…

459-040-0050 Variable Annuity Adjustments for Judge Members (1) A judge member may have elected to have a portion of the judge member’s contributions paid into the Variable Annuity Account in the Fund as provided in ORS 238.260(3) before June 30, 2003. A judge member who was part…

459-040-0060 Judge Member Death Before Retirement If a judge member dies before retiring, benefits shall be distributed and calculated as follows: (1) For a surviving spouse: (a) If the judge member has six or more years of service as a judge and the judge member is not an inacti…

459-040-0070 Judge Member Death After Retirement If a judge member dies after the effective retirement date, benefits shall be distributed and calculated as follows: (1) Surviving Spouse Standard Two-thirds Benefit. The surviving spouse of a judge member shall receive a life pens…

459-040-0080 Required Minimum Distribution of Judge Member Death Benefits (1) Upon the death of a judge member, the required minimum distribution(s) to a surviving spouse and/or to a beneficiary of the deceased judge member shall be made in accordance with OAR 459-005-0560. For t…

459-045-0001 Definitions The words and phrases used in this division have the same meaning given them in ORS Chapters 238 and 238A. Specific and additional terms for purposes of this division are defined as follows unless context requires otherwise. (1) “Administrable” means that…

459-045-0010 Tier One/Tier Two Division of Benefits (1) A final court order that provides for a division of benefits must use a method described in this rule. The PERS divorce forms provide all available benefit division options, conditions, and restrictions and may not be altere…

459-045-0012 OPSRP Pension Program Division of Benefits (1) A final court order that provides for a division of pension benefits or disability benefits must use a method described in this rule. The PERS divorce forms provide all available benefit division options, conditions, and…

459-045-0014 Individual Account Program (IAP) Division of Benefits (1) A final court order that provides for a division of benefits must use a method described in this rule. The PERS divorce forms provide all available benefit division options, conditions, and restrictions and ma…

459-045-0020 Court Orders (1) A final court order must be received by PERS and approved by PERS staff as administrable before an alternate payee award can be established. (a) Current PERS divorce forms must be attached as labeled exhibits to the court order, and incorporated by r…

459-045-0030 General Administration for Chapter 238 Tier One/Tier Two (1) Alternate payee account. (a) A percentage award will be applied against the member’s regular account and if applicable, Variable Annuity Account. A dollar award will be applied proportionately against the m…

459-045-0032 General Administration for OPSRP Pension Program (1) If a retired member changes the beneficiary designation pursuant to a final court order, the member’s monthly benefit must be recalculated. (a) The benefit recalculation shall be effective the first of the month af…

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…

459-045-0040 Requesting Information from PERS (1) PERS may not provide member information or alternate payee information to anyone other then the member or alternate payee respectively, including representatives of the member or alternate payee, unless PERS receives: (a) A member…

459-045-0050 Application Requirements for Alternate Payees (1) An alternate payee must apply for benefits on PERS forms. (2) An application for benefits must be accompanied by a final court order that is administrable by PERS, unless an administrable final court order is already …

459-045-0060 General Rules for Calculating Benefits (1) If an alternate payee award is a reduction and the alternate payee elects to begin receiving their benefit before the member retires, the calculation of the alternate payee benefit: (a) Must use creditable service or retirem…

459-045-0070 Precedence for Benefit Payment Reductions or Deductions (1) The order of priority when the alternate payee award is a reduction of a member’s benefit payment is as follows: (a) Adjustment for payments to be made from the Benefit Equalization Fund as established under…

459-045-0080 PERS Notifications (1) PERS is separate from other public employer retirement plans and deferred compensation plans, and notification to other plans does not constitute notice to PERS. PERS is not responsible for notifying other plans of member or alternate payee cha…

459-045-0090 PERS Administrative Fee (1) An administrative fee is assessed by PERS for obtaining data and making calculations to administer court-ordered alternate payee awards under ORS 238.465 in the name of an alternate payee. (2) Pursuant to the provisions of ORS 238.465(9), …

459-050-0000 Purpose and Authority (1) The Deferred Compensation Program is established within PERS for the administration of deferred compensation plans under ORS 243.401 to 243.507 pursuant to Section 457 and Section 402A of the Internal Revenue Code. (2) In accordance with ORS…

459-050-0001 Definitions The words and phrases used in this Division have the same meaning given them in ORS 243.401–243.507 and ORS 293.701–293.820. Specific and additional terms are defined as follows unless the context requires otherwise. (1) “Advisory Committee” means the com…

459-050-0005 Policy and Goals of Deferred Compensation Program The Deferred Compensation Program shall be administered to provide the maximum opportunity for eligible employees to participate in a deferred compensation plan which allows participants to defer a portion of their co…

459-050-0025 Deferred Compensation Advisory Committee (1) The seven members of the Deferred Compensation Advisory Committee provided for under ORS 243.505, shall be subject to the following qualifications and limitations: (a) Each member shall be a participant in a deferred compe…

459-050-0030 Deferred Compensation Manager (1) The Deferred Compensation Manager (Manager) shall administer the Deferred Compensation Program (Program) established pursuant to ORS 243.401 to 243.507 consistent with the laws and administrative rules applicable thereto and on the b…

459-050-0035 Assistance to the Oregon Investment Council and the State Treasurer The Board, acting through its Deferred Compensation Manager may provide information, assistance, and guidance to the Oregon Investment Council (OIC) and the State Treasurer as they may request, not l…

459-050-0037 Trading Restrictions The purpose of this rule is to establish criteria under which a participant may make trades in the Deferred Compensation Program. The Program is designed for long-term investment and periodic adjustment of asset allocation. Restrictions upon trad…

459-050-0050 Eligibility and Enrollment The purpose of this rule is to establish eligibility criteria and the process for an eligible employee to enroll in the Deferred Compensation Plan established in accordance with section 457 of the Internal Revenue Code and ORS Chapter 243. …

459-050-0060 OSGP Designation of Beneficiary The purpose of this rule is to establish the criteria and process that must be used to designate a beneficiary. The provisions in this rule apply to participants, a participant’s surviving beneficiaries, alternate payees and an alterna…

459-050-0065 Beneficiary Predeceases or Disclaims Benefit Purpose. The purpose of this rule is to establish the criteria and process that must be used if a beneficiary predeceases the participant, alternate payee, or surviving beneficiary who made the designation as provided in O…

459-050-0070 Catch-Up Programs The purpose of this rule is to establish the criteria and process to allow a plan participant to contribute additional amounts, in excess of the regular applicable maximum allowable contributions, to the eligible employee’s account. (1) For purposes…

459-050-0072 Military Leave Catch-up The purpose of this rule is to establish the criteria and procedures to comply with the Uniformed Services Employment and Reemployment Rights Act (USERRA) as codified in 38 USC 4301-433, and with 23 USC 414(u) and 457 for an eligible employee …

459-050-0075 Distributions During Employment The purpose of this rule is to describe the types of distributions available to a participant who has not had a severance of employment. Distributions made while a participant is still employed are in-service distributions. (1) De mini…

459-050-0076 In-Plan Roth Conversion (1) Definitions. For purposes of this rule: (a) “Distributee” means: (A) A Deferred Compensation Plan participant; (B) The surviving spouse of a deceased participant; or (C) The spouse or former spouse who is the alternate payee under a domest…

459-050-0077 Loan Program (1) Definitions. For purposes of this rule: (a) “Cure period” is that time from when a default occurs until the end of the quarter following the quarter in which the default occurred. (b) “Deferred Compensation Account” means the account described in OAR…

459-050-0080 Distribution of Funds After a Severance of Employment The purpose of this rule is to establish the criteria and process for obtaining a distribution of deferred compensation funds after a participant’s severance of employment as defined herein. Distribution under the…

459-050-0090 Direct Rollover and Trustee-to-Trustee Transfer The purpose of this rule is to establish the criteria and processes for Direct Rollovers between the Deferred Compensation Program and an Eligible Retirement Plan and Trustee-to-Trustee Transfers between the Deferred Co…

459-050-0120 Self-Directed Brokerage Option (1) For purposes of this rule: (a) “Core Investment Option” means an investment alternative made available under ORS 243.421, but does not include the Self-Directed Brokerage Option. (b) “Self-Directed Brokerage Option” means an investm…

459-050-0150 Unforeseeable Emergency Withdrawal The purpose of this rule is to establish the criteria and process for a participant to obtain a distribution of deferred compensation funds before separation from employment due to an unforeseeable emergency. (1) Definitions. For pu…

459-050-0200 Court Orders The purpose of this rule is to describe the procedures for the administration of a court order and the requirements for a court order to be approved as a Qualified Domestic Relations Order. (1) Legal requirements. A final court order or judgment must cle…

459-050-0210 Segregation of a Participant Account The purpose of this rule is to describe the process and criteria the Deferred Compensation Program shall use to segregate an alternate payee’s award from a participant’s account(s), and how the alternate payee’s account is maintai…

459-050-0220 Distribution of an Alternate Payee Account (1) Commencement date of distribution. Subject to other requirements set forth in this division of administrative rules, a distribution to an alternate payee may commence earlier than the date an employee would be eligible t…

459-050-0230 Release of Information (1) Written release. Unless otherwise required by the Oregon Public Records Law in ORS Chapter 192, the Deferred Compensation Program must receive a signed participant’s release, as defined in OAR 459-050-0001, from the participant or the alter…

459-050-0240 Deferred Compensation Program Notifications (1) Notification responsibility. The Deferred Compensation Program is a separate entity from other public employer retirement plans and deferred compensation plans, and notification to other plans does not constitute notice…

459-050-0250 Fee for Administration of a Court Order (1) Fee charged to participant and alternate payee. If the Deferred Compensation Program is required by a court order to segregate a participant’s account and create a separate account for an alternate payee(s), the Deferred Co…

459-050-0300 Required Minimum Distribution Requirements (1) Definitions. The following definitions apply for the purposes of this rule: (a) “Designated Beneficiary” means: (A) A natural person designated as a beneficiary by the participant as provided in OAR 459-050-0060; who is …

459-050-0310 Power of Attorney (1) Definitions. The following definitions apply for the purposes of this rule: (a) "Power of Attorney Document" means a written document expressly granting legal authority to another named individual(s) or agent(s) to act on behalf of and to manage…

459-060-0001 Definitions The words and phrases used in this Division have the same meaning given them in ORS Chapters 192, 238, 238A and OAR 459-005-0001. Specific and additional terms used in this Division are defined as follows unless context requires otherwise: (1) “Medical re…

459-060-0010 Requests and Fees for Public Records (1) Requesting public records. Anyone may request disclosure of a public record for which the Public Employees Retirement System is the custodian by submitting a written request in person, via mail, email, or fax. PERS will provid…

459-060-0020 Confidentiality of Member Records (1) ORS Chapter 192 unconditionally exempts from public disclosure a member’s nonfinancial membership records and an active or inactive member’s financial records maintained by PERS. PERS may not release such records to anyone other …