OAR 459-005-0055
Actuarial Equivalency Factors

(1)

Experience Study. The Director shall take steps to assure that the Board’s consulting actuary shall present the Experience Study required by ORS 238.605 (Actuarial report on system) to the Board by September 1 of each odd numbered year.

(2)

Actuarial Equivalency Study. The Director shall take steps to assure, pursuant to ORS 238.630 (Board generally)(3)(g), that the Board’s consulting actuary shall present an Actuarial Equivalency Study to the Board as soon as practicable, but no later than the December 15 next following the presentation of the Experience Study described in section (1) of this rule. Such Actuarial Equivalency Study shall review the assumptions and the actuarial factors used to:

(a)

Convert account balances to monthly allowances;

(b)

Convert the standard form of benefit (ORS 238.300 (Service retirement allowance)) to elective options with various survivorship features (ORS 238.305 (Optional service retirement allowance calculations)); and

(c)

Reduce service retirement allowances for early retirement (ORS 238.280 (Eligibility for retirement)).

(3)

Adoption of actuarial equivalency factors.

(a)

The Board shall adopt actuarial equivalency factor tables to be effective January 1 of each even numbered year.

(b)

Actuarial equivalency factor tables adopted under this section shall comply with the standards set forth in OAR 459-005-0060 (Standards for the Adoption of New Actuarial Equivalency Factors).

(4)

Calculation of retirement allowance under the Chapter 238 Program.

(a)

The provisions of this section apply to any member or alternate payee with an effective date of retirement on or after July 1, 2003, except for a person who is a judge member on June 30, 2003, and who makes an election under ORS 238.565 (Judge’s beneficiaries)(4).

(b)

PERS shall establish years of service, an account balance and final average salary as of June 30, 2003, for each person described in subsection (a) of this section. The years of service, account balance and final average salary shall be determined as provided in section 40 of chapter 67, Oregon Laws 2003 (Enrolled HB 2003).

(c)

For each person described in subsection (a) of this section, the Board shall perform the following two calculations:

(A)

“Regular” calculation. The Board shall calculate the retirement allowance using:
(i)
The years of service, account balance and final average salary as of the effective date of retirement;
(ii)
All calculations applicable to the member under ORS 238.300 (Service retirement allowance)(2);
(iii)
The optional form of retirement allowance selected by the member at retirement under ORS 238.300 (Service retirement allowance), 238.305 (Optional service retirement allowance calculations), 238.320 (Disability retirement allowance) or 238.325 (Optional disability retirement allowance calculations); and
(iv)
The actuarial equivalency factor tables in effect on the effective date of retirement.

(B)

“Look-back” calculation. The Board shall calculate the retirement allowance using:
(i)
The years of service, account balance and final average salary described in subsection (b) of this section;
(ii)
All calculations applicable to the member under ORS 238.300 (Service retirement allowance)(2);
(iii)
The optional form of retirement allowance selected by the member under ORS 238.300 (Service retirement allowance), 238.305 (Optional service retirement allowance calculations), 238.320 (Disability retirement allowance) or 238.325 (Optional disability retirement allowance calculations); and
(iv)
The actuarial equivalency factor tables in effect on June 30, 2003.

(d)

The retirement allowance shall be the higher of the amounts described in paragraphs (c)(A) and (c)(B) of this section, payable as of the effective date of retirement.

(5)

Death benefit payments. Any monthly payments to be made to a beneficiary under ORS 238.390 (Death benefit), 238.395 (Additional death benefit) or 238.405 (Death benefit payable to survivors of certain police officers or firefighters) for a member who dies on or after May 9, 2003, shall be calculated using the actuarial equivalency factor tables that are in effect on the date that the first payment is due the beneficiary.

(6)

Judge members. The actuarial equivalency factor tables in effect on June 30, 2003, shall be used to calculate the retirement allowance and surviving spouse pension of a person who is a judge member on June 30, 2003, and who makes an election under ORS 238.565 (Judge’s beneficiaries)(4), whether that election is made before, on or after June 30, 2003.

Source: Rule 459-005-0055 — Actuarial Equivalency Factors, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=459-005-0055.

459‑005‑0001
Definitions, Generally 459‑005‑0005
Amendments to Retirement Law 459‑005‑0010
Public Employees Retirement Fund, A Trust 459‑005‑0025
Student Employee 459‑005‑0030
Payments of Sums to Persons Entitled Thereto 459‑005‑0040
Verification of Retirement Data 459‑005‑0055
Actuarial Equivalency Factors 459‑005‑0060
Standards for the Adoption of New Actuarial Equivalency Factors 459‑005‑0100
Definitions — Member’s Fiduciary 459‑005‑0110
Fiduciary Document Requirements 459‑005‑0130
Termination of Member’s Fiduciary 459‑005‑0140
Permissible Actions Under A Fiduciary Document 459‑005‑0150
Effective Date of Fiduciary Document Rules 459‑005‑0180
Incapacity of Members, Beneficiaries, and Alternate Payees 459‑005‑0210
Transmittal of Reports and Documents 459‑005‑0215
Transmittal of Remittances or Payments 459‑005‑0220
Receipt Date for Reports, Documents, Remittances, Payments, Data, and Requests 459‑005‑0225
Requirement to Make Payments by Electronic Funds Transfer 459‑005‑0250
Recovery of Administrative Costs 459‑005‑0260
Accounts Receivable — Fraud 459‑005‑0300
Post-Doctoral Scholar 459‑005‑0310
Date of Participation and Transfer of Employee Funds to the Optional Retirement Plan 459‑005‑0350
Membership Status of Persons in Concurrent Employment Eligible to Participate in an Optional or Alternative Retirement Plan 459‑005‑0370
Date of Participation and Transfer of Employee Funds to an Alternative Retirement Plan — OHSU 459‑005‑0400
General Applicability of Attorney General’s Model Public Contract Rules 459‑005‑0506
Plan Compliance with Federal Statutes and Regulations 459‑005‑0510
Cost-of-Living Adjustment 459‑005‑0525
Ceiling on Compensation for Purposes of Contributions and Benefits 459‑005‑0530
Limitation for Employers with Multiple Retirement Plans — for Contributions and Distributions Before January 1, 2000 459‑005‑0535
Annual Benefit Limitation 459‑005‑0540
Permissive Service Credit 459‑005‑0545
Annual Addition Limitation 459‑005‑0560
Required Minimum Distributions, Generally 459‑005‑0580
Trustee-to-Trustee Transfers 459‑005‑0590
General Provisions and Applicability Date — Direct Rollovers 459‑005‑0591
Definitions — Direct Rollovers 459‑005‑0595
Limitations — Direct Rollovers 459‑005‑0599
Election Procedures — Direct Rollovers 459‑005‑0600
Precedence for Pre-Tax and Post-Tax Deductions from Benefit Payment 459‑005‑0605
Reimbursement for Medical Records Requested by PERS 459‑005‑0610
Recovery of Overpayments 459‑005‑0615
Minimum Retroactive Payment 459‑005‑0620
Uncollectible Debt Owed to PERS
Last Updated

Jun. 24, 2021

Rule 459-005-0055’s source at or​.us