Chapter 238A — Chapter 238A

ORS 238A.410 Death benefits; rules. (1)(a) If a member of the individual account program dies before retirement, the amounts in the member’s employee account, rollover account and employer account, to the extent the member is vested in those accounts under ORS 238A.320, shall be paid in a lump sum to the beneficiary or beneficiaries designated by the member for the purposes of this section

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ORS 238A.415 Credit for service in uniformed services; rules. (1) Notwithstanding any other provision of ORS 238A.300 to 238A.415, an eligible employee who leaves a qualifying position for the purpose of performing service in the uniformed services, and who subsequently returns to employment with a participating public employer with reemployment rights under federal law, is entitled to credit toward the probationary period required by ORS 238A.300, credit toward the vesting requirements of ORS 238A.320 and contributions under rules adopted by the Public Employees Retirement Board pursuant to subsection (2) of this section

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ORS 238A.420 Investment options under individual account program; rules. (1) Except as provided in subsection (5) of this section, the Public Employees Retirement Board, in consultation with the office of the State Treasurer, shall adopt rules providing that if the Oregon Investment Council invests the assets of the individual account program in multiple risk categories depending on the characteristics of an individual member, a member of the individual account program may elect to have the moneys in the member’s individual accounts established under ORS 238A.350 deposited into an investment option approved by the council

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ORS 238A.422 Limitation of liability. The state, the State Treasurer, the Oregon Investment Council and the Public Employees Retirement Board, and their officers or employees, are not liable in a civil action or otherwise, for any losses suffered by a member because of a member’s election of an investment option under ORS 238A.420. [2019 c.355 §32]

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ORS 238A.430 Direct rollovers; rules. (1) To the extent required by law, and except as otherwise provided by rules adopted by the Public Employees Retirement Board under subsection (4) of this section, any portion of a distribution of benefits described in subsection (2) of this section shall, at the election of and in lieu of distribution to the distributee, be paid directly to an eligible retirement plan specified by the distributee

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ORS 238A.435 Distribution of death benefit as rollover distribution. (1) If a benefit is payable under this chapter to a beneficiary by reason of the death of a member of the system, the beneficiary may elect to have all or part of the distribution of the death benefit paid in an eligible rollover distribution to an individual retirement plan described in 26 U.S.C. 408(a), or an individual retirement annuity, other than an endowment contract, described in 26 U.S.C. 408(b), if the plan or annuity is established for the purpose of receiving the eligible rollover distribution on behalf of the designated beneficiary

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ORS 238A.450 Rules for Oregon Public Service Retirement Plan. (1) The Public Employees Retirement Board shall adopt rules for the administration of this chapter

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ORS 238A.460 Limitation on powers of board, director and staff. (1) The Public Employees Retirement Board, the director employed by the board and staff employed by the board may not adopt any rule or take any administrative action that has the effect of increasing the total liability for benefits under this chapter that is in excess of one-tenth of one percent

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ORS 238A.465 Legislative intent relating to increased benefits. It is the intent of the Legislative Assembly that any increase in benefits under the Oregon Public Service Retirement Plan be provided through changes in the individual account program and not through changes in the pension program. [2003 c.733 §44d]

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ORS 238A.470 Contract rights under Oregon Public Service Retirement Plan. The Legislative Assembly may change the benefits payable to persons who become members of the Public Employees Retirement System on or after August 29, 2003, as described in ORS 238A.025, as long as the change applies only to benefits attributable to service performed and salary earned on or after the date the change is made. [2003 c.733 §45]

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ORS 238A.475 Application of legislative changes to legislators. Any law enacted after January 1, 2004, that has the effect of increasing the total liability for benefits under this chapter that is in excess of one-tenth of one percent does not apply to service by members of the Legislative Assembly that entitles those members to benefits under the Oregon Public Service Retirement Plan. [2003 c.733 §44c]

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