Upon the service retirement or disability retirement of a Tier One member, earnings from the effective date of the last annual rate to the effective retirement date shall be credited to the member account in the manner specified in this rule.

1. (1) Earnings shall be credited to the member’s regular account as follows:

   1. (a) If earnings for the prior calendar year have not yet been credited, earnings shall be credited for that year based on the latest year-to-date calculation available for that year.
   2. (b) Earnings for the calendar year of the effective retirement date shall be credited based on the latest year-to-date calculation as of the effective retirement date.

2. (2) If the member is participating in the Variable Annuity Account at time of retirement, earnings or losses shall be credited to the member's variable account as follows:

   1. (a) If earnings or losses for the calendar year prior to the effective retirement date have not yet been credited, earnings or losses for that year shall be credited based on the latest year-to-date calculation available for that year.
   2. (b) Earnings or losses for the calendar year of the effective retirement date shall be credited based on the latest year-to-date calculation as of the effective retirement date.

Statutory/Other Authority

ORS 238.650

Statutes/Other Implemented

ORS 238.260, 238.300, 238.305 & 238.315

History

PERS 20-2003, f. 12-15-03 cert. ef. 4-1-04
PERS 9-1998, f. 5-22-98, cert. ef. 1-1-2000
PERS 1-1996, f. & cert. ef. 3-26-96, Renumbered from 459-010-0135
PERS 1-1995, f. 9-12-95, cert. ef. 1-1-96
PER 1-1985, f. & cert. ef. 3-22-85
PER 2-1984(Temp), f. & cert. ef. 9-26-84
PER 1-1984(Temp), f. & cert. ef. 6-29-84
PER 4-1980(Temp), f. 11-26-80, cert. ef. 12-1-80
PER 8-1955, f. 12-15-55