OAR 459-011-0150
General Purchases
(1)
For purposes of this rule, “purchase” means restoration of creditable service under ORS 238.115 (Alternate method of restoring credit forfeited by reason of termination of membership) or obtaining retirement credit under ORS 238.125 (Credit for probationary period of employment), 238.135 (Credit for probationary periods in seasonal positions), 238.145 (Credit for service as police officer or firefighter with nonparticipating employer), 238.148 (Credit for service as public safety officer in another state), 238.156 (Contributions, benefits and retirement credit for periods of service in uniformed services or Armed Forces), 238.157 (Alternative provision for retirement credit for periods of service in uniformed services), 238.160 (Retirement credit for service while on loan to federal government), 238.162 (Retirement credit for service as teacher in public schools of another state), 238.165 (Credit for certain periods of employment by Legislative Assembly), 238.175 (Retirement credit for periods of disability), 526.052 (Credits for former forest protective association employees) or section 2, Chapter 971, Oregon Laws 1999.(2)
To make a purchase, a member must submit the application for restoration of creditable service or to obtain retirement credit and the full purchase cost, provided by PERS, within the time period established in the particular statute.(3)
Intentionally left blank —Ed.(a)
If the purchase cost is adjusted and requires an additional payment, PERS will notify the member of the balance due. To complete the purchase, the balance due must be received by PERS by the later of:(A)
The date set by PERS; or(B)
The member’s effective retirement date.(b)
If the balance due required in subsection (a) of this section is not received within the time period established in subsection (a) of this section, PERS will cancel the purchase and return the amount paid under section (2) of this rule to the member, subject to the provisions of OAR 459-005-0580 (Trustee-to-Trustee Transfers).(4)
If the purchase cost is adjusted and is lower than the amount paid under section (2) of this rule, PERS will refund the excess amount to the member, subject to the provisions of OAR 459-005-0580 (Trustee-to-Trustee Transfers).
Source:
Rule 459-011-0150 — General Purchases, https://secure.sos.state.or.us/oard/view.action?ruleNumber=459-011-0150.