OAR 459-005-0370
Date of Participation and Transfer of Employee Funds to an Alternative Retirement Plan — OHSU

(1) For the purposes of this rule, “member’s PERS account(s)” means one or more of the following:
(a) The member’s regular account as defined in ORS 238.250 (Regular accounts);
(b) The member’s variable account as defined in ORS 238.260 (Variable Annuity Account);
(c) The member’s accounts under ORS 238A.350 (Individual accounts established), to the extent the member is vested in those accounts; and
(d) The member’s Employee Pension Stability Account under 238A.353 (Employee pension stability accounts established).
(2) If an employee elects to participate in an alternative retirement plan authorized under ORS 353.250 (Alternative retirement programs):
(a) Unless otherwise agreed upon, the effective date of an election to participate in an alternative retirement plan shall be certified by Oregon Health and Science University (OHSU) to PERS within 30 days of that effective date.
(b) If the employee is a member of PERS, and is eligible for and elects to transfer the balance of the member’s PERS account(s) to the alternative retirement plan, OHSU shall forward a copy of that election together with the certification required in subsection (a) of this section.
(c) In the event an eligible employee is disabled or deceased and an election to participate in an alternative retirement plan has not been signed by the employee, the employee shall be deemed to be an active member of PERS, if all other conditions of ORS 238.015 (Membership generally) are met.
(3) In accordance with ORS 238A.100 (Establishing membership under pension program) and 238A.300 (Establishing membership under individual account program):
(a) An employee who is serving a six-month waiting period shall establish active membership in accordance with ORS 238A.100 (Establishing membership under pension program) and 238A.300 (Establishing membership under individual account program) unless PERS receives notification of an election to participate in an alternative retirement plan prior to the completion of that six-month waiting period.
(b) Notwithstanding subsection (a) of this section, if PERS receives a notification of an election to participate in an alternative retirement plan, active membership in PERS or OPSRP shall cease as of the effective date of the election.
(4) A PERS or OPSRP member electing to participate in an alternative retirement plan, authorized under ORS 353.250 (Alternative retirement programs), and who is not concurrently an active member of PERS or OPSRP with another PERS or OPSRP participating employer, may petition PERS to have the member’s PERS account(s) transferred directly to an alternative retirement plan.
(a) A transfer of a member’s account as provided in this section shall be transferred directly to the alternative retirement plan by PERS and shall not be made available to the employee while remaining in the employ of OHSU.
(b) A transfer of a member’s PERS account(s) as provided in subsection (a) of this section shall not include any reserves of any PERS-participating employer.
(5) A PERS or OPSRP member electing to participate in an alternative retirement plan who has not separated from service in any position at OHSU shall be not be eligible to withdraw the member’s accounts, except as provided in section (4) of this rule.
(6) A transfer of a member’s PERS account(s) to an alternative retirement plan established under the provisions of ORS 353.250 (Alternative retirement programs) shall be in compliance with all applicable Internal Revenue Code provisions and related Treasury regulation governing qualified pension plans. The transfer may occur only if the alternative retirement plan:
(a) Is a qualified plan under the Internal Revenue Code;
(b) Is capable of accepting funds transferred under the provisions of section (4) of this rule without the transfer being treated as a taxable event under the Internal Revenue Code; and
(c) Is willing to accept those transfers.
(7) The date of distribution of a member’s regular account defined in ORS 238.250 (Regular accounts), variable account defined in ORS 238.260 (Variable Annuity Account), and Employee Pension Stability Account under ORS 238A.353 (Employee pension stability accounts established) to an alternative retirement plan, authorized under ORS 353.250 (Alternative retirement programs), as provided for in section (4) of this rule shall be the later of:
(a) The first of the calendar month following the date of receipt by PERS of a copy of the election if such copy is received by PERS on or before the fifteenth of a calendar month; or
(b) The first of the second calendar month following the date of receipt by PERS of a copy of the election if such copy is received on or after the 16th of a calendar month.
(8) The date of distribution of a member’s IAP account(s) under ORS 238A.350 (Individual accounts established) to an alternative retirement plan, authorized under ORS 353.250 (Alternative retirement programs), as provided for in section (4) of this rule will be the date of the actual distribution.

Source: Rule 459-005-0370 — Date of Participation and Transfer of Employee Funds to an Alternative Retirement Plan — OHSU, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=459-005-0370.

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. 8, 2021

Rule 459-005-0370’s source at or​.us