OAR 461-145-0380
Pension and Retirement Plans


(1)

Pension and retirement plans include the following:

(a)

Benefits employees receive only when they retire. These benefits can be disbursed in lump-sum or monthly payments.

(b)

Benefits that employees are allowed to withdraw when they leave a job before retirement.

(c)

The following retirement plans authorized by section 401 of the Internal Revenue Code of 1986:

(A)

Traditional Defined-Benefit Plan.

(B)

Cash Balance Plan.

(C)

Employee Stock Ownership Plan.

(D)

Keogh Plan.

(E)

Money Purchase Pension Plan.

(F)

Profit-Sharing Plan.

(G)

Simple 401(k).

(H)

401(k).

(d)

Retirement plans authorized by section 403 of the Internal Revenue Code of 1986 at subsections (a) or (b).

(e)

The following retirement plans and annuities authorized by section 408 of the Internal Revenue Code of 1986 at subsections (a), (b), (c), (k), (p), or (q), or at section 408A:

(A)

Individual Retirement Annuity.

(B)

Individual Retirement Account (IRA).

(C)

Deemed Individual Retirement Account or Annuity under a qualified employer plan.

(D)

Accounts established by employers and certain associations of employees.

(E)

Simplified Employee Pension (SEP).

(F)

Simple Individual Retirement Account (Simple-IRA).

(G)

Roth IRA.

(f)

The following retirement plans offered by governments, nonprofit organizations, or unions:

(A)

457(b) Plan.

(B)

501(c)(18) Plan.

(C)

Federal Thrift Savings Plan under 5 USC 8439.

(g)

In all programs except the OSIP, OSIPM, and QMB programs, an annuity purchased by an individual with funds from a plan authorized under subsection (c), (d), or (f) of this section.

(2)

An annuitized retirement plan described in subsection (1)(e) of this rule, purchased by the spouse (see OAR 461-001-0000 (Definitions for Chapter 461)), is not considered a retirement plan and is treated in accordance with OAR 461-145-0020 (Annuities; Not OSIPM) and OAR 461-145-0022 (Annuities; OSIPM).

(3)

Except as provided in subsection (c) of this section, benefits an individual receives from pension and retirement plans are treated as follows:

(a)

Monthly payments are counted as unearned income.

(b)

All payments not covered by subsection (a) of this section are counted as periodic income (see OAR 461-001-0000 (Definitions for Chapter 461) and 461-140-0110 (Treatment of Periodic Income)) or lump-sum income (see OAR 461-001-0000 (Definitions for Chapter 461) and 461-140-0120 (Availability and Treatment of Lump-Sum Income)).

(c)

In the OSIP, OSIPM, and QMB-DW programs, if the equity value (see OAR 461-001-0000 (Definitions for Chapter 461)) of the pension or retirement plan is counted as a resource under section (4) of this rule, any payments received are considered the conversion of a resource and are not counted as income.

(4)

In the OSIP, OSIPM, and QMB-DW programs:

(a)

Except for an annuity purchased with funds from a retirement plan described in subsection (1)(e) of this rule:

(A)

The equity value of a pension or retirement plan is excluded as a resource if the individual is eligible for monthly or periodic payments under the terms of the plan and has applied for those payments. When an individual is permitted to choose or change a payment option, the individual must select the option that:
(i)
Provides payments commencing on the earliest possible date; and
(ii)
Completes payments over the actuarial life expectancy, as published in the Periodic Life Table of the Office of the Chief Actuary of the Social Security Administration, of the individual.

(B)

The equity value of all pension and retirement plans not covered by paragraph (A) of this subsection that allows an individual to withdraw funds, minus any penalty for withdrawal, is counted as a resource.

(b)

The equity value of an annuitized retirement plan described in subsection (1)(e) of this rule is excluded as a resource if it meets the payout requirements of OAR 461-145-0022 (Annuities; OSIPM)(10)(c). Otherwise, the equity value is counted as a resource.

(c)

For an individual in a standard living arrangement (see OAR 461-001-0000 (Definitions for Chapter 461)), the equity value of pension and retirement plans owned by a non-applying spouse or parent (see OAR 461-001-0000 (Definitions for Chapter 461)) is excluded as a resource. Dividends and interest earned on pension funds owned by a non-applying spouse or parent are excluded as income.

(5)

In the QMB-BAS, QMB-SMB, and QMB-SMF programs, dividends and interest earned on pension funds owned by a non-applying spouse are excluded as income.

(6)

In the SNAP and TANF programs, the value of retirement accounts identified in sections 401(a), 401(k), 403(a), 403(b), 408, 408(k), 408(p), 408A, 457(b), 501(c)(18), or 529A of the Internal Revenue Code are excluded as resources. The value of retirement accounts designated as a Federal Thrift Savings Plan account, IRA, myRA, Roth IRA, SEP, Simple IRA, and any other retirement plan designated as tax-exempt under a successor or similar provision of the Internal Revenue Code of 1986 are excluded resources.

(7)

In all programs except the OSIP, OSIPM, QMB, SNAP, and TANF programs, the equity value of a pension and retirement plan that allows an individual to withdraw funds before retirement, minus any penalty for early withdrawal, is counted as a resource.

Source: Rule 461-145-0380 — Pension and Retirement Plans, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=461-145-0380.

461‑145‑0000
Achieving a Better Life Experience (ABLE) Act
461‑145‑0001
Adoption Assistance
461‑145‑0005
Agent Orange Disability Benefits
461‑145‑0008
Alaska Permanent Fund Dividend
461‑145‑0010
Animals
461‑145‑0020
Annuities
461‑145‑0022
Annuities
461‑145‑0025
Approved Accounts
461‑145‑0030
Bank Account
461‑145‑0035
Black Lung Benefits
461‑145‑0040
Burial Arrangements and Burial Fund
461‑145‑0050
Burial Space and Merchandise
461‑145‑0060
Cash
461‑145‑0080
Child Support and Cash Medical Support
461‑145‑0086
Contributions
461‑145‑0087
Coronavirus Aid, Relief, and Economic Security (CARES) Act
461‑145‑0088
Corporations and Business Entities
461‑145‑0089
Corporations and Other Business Entities
461‑145‑0090
Disability Benefit
461‑145‑0100
Disaster Relief
461‑145‑0105
Disqualifying Income
461‑145‑0108
Dividends, Interest and Royalties
461‑145‑0110
Domestic Volunteer Services Act (VISTA, RSVP) and Small Business Act (SCORE, ACE)
461‑145‑0120
Earned Income
461‑145‑0130
Earned Income
461‑145‑0140
Earned Income Tax Credit (EITC)
461‑145‑0143
Economic Recovery Payment
461‑145‑0145
Educational Account
461‑145‑0150
Educational Income
461‑145‑0170
Energy Assistance Payments
461‑145‑0175
Family Abuse Prevention Act (FAPA) Payments
461‑145‑0184
Filipino Veterans Equity Compensation Fund
461‑145‑0185
Floating Homes and Houseboats
461‑145‑0190
Food Programs Other Than the SNAP program
461‑145‑0200
Foster Care Payments and Guardianship Assistance Benefits
461‑145‑0210
Gifts and Winnings
461‑145‑0220
Home
461‑145‑0230
Housing and Urban Development
461‑145‑0240
Income-Producing Sales Contract
461‑145‑0250
Income-Producing Property
461‑145‑0252
Income-Producing Property
461‑145‑0255
Youth Transitions Program Subsidies
461‑145‑0259
Indian (Native American) Benefits
461‑145‑0260
Indian (Native American) Benefits
461‑145‑0261
Individual Development Account (IDA)
461‑145‑0270
Inheritance
461‑145‑0280
In-Kind Income
461‑145‑0285
Japanese-American Restitution Payments
461‑145‑0290
Job Corps
461‑145‑0300
Workforce Investment Act
461‑145‑0310
Life Estate
461‑145‑0320
Life Insurance
461‑145‑0330
Loans and Interest on Loans
461‑145‑0340
Lodger Income
461‑145‑0343
Manufactured and Mobile Homes
461‑145‑0345
Military Income
461‑145‑0348
Mineral Rights
461‑145‑0360
Motor Vehicle
461‑145‑0365
National and Community Services Trust Act (NCSTA), including AmeriCorps (other than AmeriCorps VISTA)
461‑145‑0370
Older Americans Act
461‑145‑0380
Pension and Retirement Plans
461‑145‑0390
Personal Belongings
461‑145‑0400
Personal Injury Settlement
461‑145‑0405
Plan for Self-support
461‑145‑0410
Program Benefits
461‑145‑0415
Radiation Exposure Compensation Act
461‑145‑0417
Railroad Retirement Payments
461‑145‑0420
Real Property
461‑145‑0430
Real Property Excluded under an Interim Assistance Agreement
461‑145‑0433
Recreational Vehicles
461‑145‑0435
Refunds
461‑145‑0440
Reimbursement
461‑145‑0455
Resettlement and Placement (R&P) Grants
461‑145‑0460
Sale of a Resource
461‑145‑0470
Shelter-in-Kind Income
461‑145‑0490
Social Security Benefits
461‑145‑0500
Social Secuirty Death Benefit
461‑145‑0505
Spousal Support
461‑145‑0510
SSI
461‑145‑0520
Stocks, Bonds and Other Securities
461‑145‑0525
Strikers’ Benefits
461‑145‑0530
Tax Refund
461‑145‑0540
Trusts
461‑145‑0550
Unemployment Compensation Benefit
461‑145‑0560
Uniform Relocation Act
461‑145‑0570
USDA Meal Reimbursement
461‑145‑0580
Veterans’ Benefits
461‑145‑0582
Victims’ Assistance
461‑145‑0583
Virtual Currency or Cryptocurrency
461‑145‑0585
Vocational Rehabilitation Payment
461‑145‑0590
Workers Compensation
461‑145‑0600
Work-Related Capital Assets, Equipment, and Inventory
461‑145‑0810
Deemed Assets
461‑145‑0820
Deemed Assets
461‑145‑0830
When to Deem the Assets of a Sponsor of a Noncitizen and How Income is Deemed
461‑145‑0860
Deemed Assets, Parent of Minor Parent
461‑145‑0910
Self-Employment
461‑145‑0915
Self-Employment
461‑145‑0920
Self-Employment
461‑145‑0930
Self-Employment
461‑145‑0931
Additional Exclusions for Farming Costs
Last Updated

Jun. 8, 2021

Rule 461-145-0380’s source at or​.us