OAR 459-007-0270
Crediting Earnings upon Tier Two Service Retirement, Two or More Installment Payments

Notwithstanding OAR 459-007-0250 (Crediting Earnings at Tier Two Service or Disability Retirement), when a Tier Two member retires and elects to receive installment payments under ORS 238.305 (Optional service retirement allowance calculations)(4), earnings shall be credited from the effective date of the last annual rate to the date of distribution of the final installment payment in the manner specified in this rule.

(1)

Regular account. Earnings shall be credited to the member’s regular account as follows:

(a)

Prior year earnings. If earnings for the calendar year before the effective retirement date have not yet been credited, earnings shall be credited for that year based on the latest year-to-date calculation available for that year.

(b)

Retirement year earnings. Earnings for the calendar year of the effective retirement date shall be based on the latest year-to-date calculation as of the effective retirement date.

(2)

Variable account. If the member is participating in the Variable Annuity Account, earnings or losses shall be applied to the member’s variable account as follows:

(a)

Prior year earnings. If earnings or losses for the calendar year before the effective retirement date have not yet been credited to the member’s variable account, earnings or losses for that year shall be credited based on the latest year-to-date calculation available for that year.

(b)

Retirement year earnings. 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.

(c)

In accordance with ORS 238.305 (Optional service retirement allowance calculations)(4)(a)(F), after crediting earnings or losses as provided in subsections (a) and (b) of this section, and before the distribution of the first installment, the adjusted balance of the member’s variable account shall be transferred to the member’s regular account as of the effective retirement date.

(3)

Initial installment. Earnings shall be credited to the initial installment as follows:

(a)

If the initial installment is distributed in the same year as the effective retirement date, earnings shall be paid with the initial installment based on the average annualized rate prorated from the effective retirement date to the date of distribution of the initial installment.

(b)

If the initial installment is distributed in the year following the effective retirement date, earnings shall be paid with the initial installment based on the average annualized rate prorated from January 1 of the year following the effective retirement date to the date of distribution of the initial installment.

(4)

Annual earnings — initial year. Earnings from the effective retirement date to December 31 of the year of retirement shall be credited to the member’s regular account in the following amount:

(a)

The member’s regular account balance as of December 31 of the year of retirement, excluding the remaining earnings credited to the member’s regular account under subsection (1)(b) of this rule and to the member’s variable account under subsection (2)(b) of this rule; multiplied by

(b)

The annual rate for that year less the latest year-to-date calculation as of the effective retirement date.

(5)

Annual earnings — subsequent years. Earnings shall be credited to the member’s regular account as of December 31 of each calendar year subsequent to the effective retirement date in the manner specified in this section.

(a)

Earnings from January 1 to the date of distribution of the annual installment shall be credited in the following amount:

(A)

The member’s regular account balance as of the date of distribution of the annual installment; multiplied by

(B)

The latest year-to-date calculation as of the date of distribution.

(b)

Earnings from the date of distribution of the annual installment to December 31 shall be credited in the following amount:

(A)

The member’s regular account balance as of December 31, multiplied by;

(B)

The latest year-to-date calculation as of the date of distribution.

(6)

Final installment. The final installment shall include the remaining balance of the member’s regular account as of the date of distribution of the final installment, plus earnings credited as follows:

(a)

If earnings for the calendar year before the year of the final installment have not yet been credited to the member’s regular account, earnings shall be credited based on the latest year-to-date calculation available for that year.

(b)

Earnings for the calendar year of the final installment shall be credited based on the latest year-to-date calculation as of the date of distribution of the final installment.

Source: Rule 459-007-0270 — Crediting Earnings upon Tier Two Service Retirement, Two or More Installment Payments, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=459-007-0270.

459‑007‑0001
Definitions 459‑007‑0003
Determination of Tier One Year-to-Date Calculation 459‑007‑0005
Annual Earnings Crediting 459‑007‑0007
Assumed Rate 459‑007‑0009
Allocating Costs of Compliance with Generally Accepted Accounting Principles 459‑007‑0015
Interest Rate Applied to Underpayment of Estimated Benefits 459‑007‑0020
Statutory Limitation on the Crediting of Earnings 459‑007‑0025
Crediting Earnings to a Member Lump Sum Payment 459‑007‑0040
Crediting Earnings upon Withdrawal of a Tier One Member’s Account 459‑007‑0050
Crediting Earnings for a Deceased Tier One Active or Inactive Member 459‑007‑0060
Crediting Earnings to the Tier One Employer Death Benefit 459‑007‑0070
Crediting Earnings at Tier One Service or Disability Retirement 459‑007‑0080
Crediting Earnings at Tier One Service Retirement, Single Payment 459‑007‑0090
Crediting Earnings upon Tier One Service Retirement, Two or More Installment Payments 459‑007‑0110
Crediting Earnings at Tier One Loss of Membership 459‑007‑0160
Crediting Earnings to Loss of Membership Account for Periods of Active Membership 459‑007‑0220
Distribution of Earnings for Withdrawal of Member’s Account — Tier Two 459‑007‑0230
Crediting Earnings for a Deceased Tier Two Active or Inactive Member 459‑007‑0240
Crediting Earnings to the Tier Two Employer Death Benefit 459‑007‑0250
Crediting Earnings at Tier Two Service or Disability Retirement 459‑007‑0260
Crediting Earnings at Tier Two Service Retirement, Single Payment 459‑007‑0270
Crediting Earnings upon Tier Two Service Retirement, Two or More Installment Payments 459‑007‑0290
Crediting Earnings at Tier Two Loss of Membership 459‑007‑0300
Crediting Earnings to Police Officer and Firefighter Unit Accounts in the Fund 459‑007‑0320
Crediting Earnings for IAP Account Lump Sum Payments 459‑007‑0330
Crediting Earnings for IAP Account Installment Payments 459‑007‑0335
Crediting Earnings for IAP Account Pre-Retirement Death Benefit Payments 459‑007‑0340
Crediting Earnings for an OPSRP Pension Program Cash Out of Small Benefits or Withdrawal 459‑007‑0350
Crediting Earnings to the Employee Pension Stability Account at Retirement 459‑007‑0360
Crediting Earnings to the Employee Pension Stability Account at Death 459‑007‑0370
Crediting Earnings to the Employee Pension Stability Account on Withdrawal 459‑007‑0400
Crediting Earnings Upon Withdrawal of a Judge Member Account 459‑007‑0410
Crediting Earnings Upon the Death of a Judge Member 459‑007‑0420
Crediting Earnings at Judge Member Service or Disability Retirement 459‑007‑0510
Crediting Earnings to Employer Contribution Accounts 459‑007‑0530
Crediting Earnings To Employer Lump-Sum Payments 459‑007‑0900
Crediting Earnings To Integration Lump Sum Payments
Last Updated

Jun. 8, 2021

Rule 459-007-0270’s source at or​.us