OAR 459-005-0591
Definitions — Direct Rollovers

As used in OAR 459-005-0590 (General Provisions and Applicability Date — Direct Rollovers) to 459-005-0599 (Election Procedures — Direct Rollovers) the following words and phrases shall have the following meanings:

(1)

“Code” means the Internal Revenue Code of 1986, as amended.

(2)

A “direct rollover” means the payment of an eligible rollover distribution by PERS to an eligible retirement plan specified by the distributee.

(3)

A “distributee” includes a PERS member, the surviving spouse of a deceased PERS member, a non-spouse beneficiary of the member that is a designated beneficiary under Code Section 402(c)(11), and the current or former spouse of a PERS member who is the alternate payee under a domestic relations order that satisfies the requirements of ORS 238.465 (Benefits payable to others under certain judgments) and the rules adopted thereunder.

(4)

An “eligible retirement plan” means any one of the following:

(a)

An individual retirement account or annuity described in Code Section 408(a) or (b), including a Roth IRA as described in Code Section 408A;

(b)

An annuity plan described in Code Section 403(a) that accepts the distributee’s eligible rollover distribution;

(c)

A qualified trust described in Code Section 401(a) that accepts the distributee’s eligible rollover distribution;

(d)

An eligible deferred compensation plan described in Code Section 457(b) which is maintained by an eligible employer described in Code Section 457(e)(1)(A) and accepts the distributee’s eligible rollover distribution.

(e)

An annuity contract described in Code Section 403(b) that accepts the distributee’s eligible rollover distribution.

(f)

For the purposes of ORS 237.650 (Options for legislators who are members of Public Employees Retirement System)(3), the individual employee account maintained for a member under the Individual Account Program as set forth under ORS 238A.350 (Individual accounts established)(2); and

(g)

For the purposes of ORS 237.655 (Legislator members of state deferred compensation plan)(2), the state deferred compensation program.

(5)

An “eligible rollover distribution” means any distribution of all or any portion of a distributee’s PERS benefit, except that an eligible rollover distribution shall not include:

(a)

Any distribution that is one of a series of substantially equal periodic payment made no less frequently than annually for the life (or life expectancy) of the distributee or the joint lives (or life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more;

(b)

Any distribution to the extent that it is a required or minimum distribution under Code Section 401(a)(9).

(6)

A “recipient plan” means an eligible retirement plan that is designated by a distributee to receive a direct rollover.

(7)

The provisions of this rule are effective on January 1, 2008.

Source: Rule 459-005-0591 — Definitions — Direct Rollovers, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=459-005-0591.

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 459-005-0591’s source at or​.us