In accordance with ORS 238.455(5), earnings credited to an underpayment of either Tier One or Tier Two estimated benefits shall be simple interest, prorated from date of underpayment to date of distribution by PERS of the underpaid amount based on:

1. (1) The rate credited to the respective tier in the Fund for the prior calendar year for members who have effective dates of retirement before January 1, 2006;
2. (2) The average annualized interest rate, as defined in OAR 459-007-0001(3), in effect as of the date of distribution for members who have effective dates of retirement on and after January 1, 2006.

Statutory/Other Authority

ORS 238.650

Statutes/Other Implemented

ORS 238.455

History

PERS 3-2009, f. & cert. ef. 4-6-09
PERS 22-2005, f. & cert. ef. 12-7-05
PERS 6-1998, f. & cert. ef. 5-22-98