OAR 461-145-0020
Annuities; Not OSIPM

Retroactively effective July 6, 2020:

(1)

For the purposes of this rule:

(a)

“Actuarially sound” means commercial annuities (see subsection (d) of this section) that pay principal and interest out in equal monthly installments over the actuarial life expectancy of the annuitant, with no deferral and no balloon payments. For purposes of this definition, the actuarial life expectancy is established by the Periodic Life Table of the Office of the Chief Actuary of the Social Security Administration and, for transactions (including the purchase of an annuity) occurring on or after July 1, 2008, the payout period must be within three months of the actuarial life expectancy, measured at the time of purchase.

(b)

An annuity does not include benefits that are set up and accrued in a regularly funded retirement account while an individual is working, whether maintained in the original account or used to purchase an annuity, if the Internal Revenue Service recognizes the account as dedicated to retirement or pension purposes. (The treatment of pension and retirement plans is covered in OAR 461-145-0380 (Pension and Retirement Plans).)

(c)

“Child” means a biological or adoptive child who is:

(A)

Under age 21; or

(B)

Any age and meets the Social Security Administration criteria for blindness or disability.

(d)

“Commercial annuities” means contracts or agreements (not related to employment) by which an individual receives annuitized payments on an investment for a lifetime or specified number of years.

(e)

“All programs” does not include the OSIPM program. See OAR 461-145-0022 (Annuities; OSIPM) for the OSIPM program. This rule does not apply to the OSIPM program.

(2)

In all programs except QMB-BAS, QMB-SMB, and QMB-SMF, an annuity is counted as a resource if:

(a)

The annuity does not make regular payments for a lifetime or specified number of years; or

(b)

The annuity does not qualify for exclusion as a resource under subsection (4)(b)(C) of this rule.

(3)

If an annuity is a countable (see OAR 461-001-0000 (Definitions for Chapter 461)) resource under this rule, the cash value is equal to the amount of money used to establish the annuity, plus any additional payments used to fund the annuity, plus any earnings, minus any regular payments already received, minus any early withdrawals, and minus any surrender fees.

(4)

Commercial annuities and payments from such annuities are counted as follows:

(a)

In all programs except the QMB-DW program, annuity payments are counted as unearned income to the payee.

(b)

In the QMB-DW program:

(A)

For an annuity purchased prior to January 1, 2006, the annuity is excluded as a resource and payments are counted as unearned income to the payee.

(B)

If an individual or the spouse of an individual purchases an annuity on or after January 1, 2006, the annuity is counted as a resource unless it is excluded under paragraph (C) of this subsection.

(C)

An annuity described in paragraph (B) of this subsection is excluded as a resource if the criteria in subparagraphs (i), (ii), and (iii) of this paragraph are met, except that if an unmarried individual is the annuitant, the requirements of subparagraph (iv) of this paragraph must also be met and if the spouse of an individual is the annuitant, the requirements of subparagraph (v) of this paragraph must also be met.
(i)
The annuity is irrevocable.
(ii)
The annuity is actuarially sound (see subsection (1)(a) of this rule).
(iii)
The annuity is issued by a business that is licensed and approved to issue commercial annuities by the state in which the annuity is purchased.
(iv)
If an unmarried individual is the annuitant, the annuity must specify that upon the death of the individual, the first remainder beneficiary is either of the following:

(I)

The Department, for all funds remaining in the annuity up to the amount of medical benefits provided on behalf of the individual.

(II)

The child (see subsection (1)(c) of this rule) of the individual, if the Department is the next remainder beneficiary (after this child), up to the amount of medical benefits provided on behalf of the individual, in the event that the child does not survive the individual.
(v)
If the spouse of an individual is the annuitant, the annuity must specify that, upon the death of the spouse of the individual, the first remainder beneficiaries are either of the following:

(I)

The individual, in the event that the individual survives the spouse; and the Department, in the event that the individual does not survive the spouse, for all funds remaining in the annuity up to the amount of medical benefits provided on behalf of the individual.

(II)

A child of the spouse; and the individual in the event that this child does not survive the spouse.

(D)

If an annuity is excluded under paragraph (C) of this subsection, annuity payments are counted as unearned income to the payee.

Source: Rule 461-145-0020 — Annuities; Not OSIPM, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=461-145-0020.

461‑145‑0000
Achieving a Better Life Experience (ABLE) Act 461‑145‑0001
Adoption Assistance 461‑145‑0005
Agent Orange Disability Benefits 461‑145‑0008
Alaska Permanent Fund Dividend 461‑145‑0010
Animals 461‑145‑0020
Annuities 461‑145‑0022
Annuities 461‑145‑0025
Approved Accounts 461‑145‑0030
Bank Account 461‑145‑0035
Black Lung Benefits 461‑145‑0040
Burial Arrangements and Burial Fund 461‑145‑0050
Burial Space and Merchandise 461‑145‑0060
Cash 461‑145‑0080
Child Support and Cash Medical Support 461‑145‑0086
Contributions 461‑145‑0087
Coronavirus Aid, Relief, and Economic Security (CARES) Act 461‑145‑0088
Corporations and Business Entities 461‑145‑0089
Corporations and Other Business Entities 461‑145‑0090
Disability Benefit 461‑145‑0100
Disaster Relief 461‑145‑0105
Disqualifying Income 461‑145‑0108
Dividends, Interest and Royalties 461‑145‑0110
Domestic Volunteer Services Act (VISTA, RSVP) and Small Business Act (SCORE, ACE) 461‑145‑0120
Earned Income 461‑145‑0130
Earned Income 461‑145‑0140
Earned Income Tax Credit (EITC) 461‑145‑0143
Economic Recovery Payment 461‑145‑0145
Educational Account 461‑145‑0150
Educational Income 461‑145‑0170
Energy Assistance Payments 461‑145‑0175
Family Abuse Prevention Act (FAPA) Payments 461‑145‑0184
Filipino Veterans Equity Compensation Fund 461‑145‑0185
Floating Homes and Houseboats 461‑145‑0190
Food Programs Other Than the SNAP program 461‑145‑0200
Foster Care Payments and Guardianship Assistance Benefits 461‑145‑0210
Gifts and Winnings 461‑145‑0220
Home 461‑145‑0230
Housing and Urban Development 461‑145‑0240
Income-Producing Sales Contract 461‑145‑0250
Income-Producing Property 461‑145‑0252
Income-Producing Property 461‑145‑0255
Youth Transitions Program Subsidies 461‑145‑0259
Indian (Native American) Benefits 461‑145‑0260
Indian (Native American) Benefits 461‑145‑0261
Individual Development Account (IDA) 461‑145‑0270
Inheritance 461‑145‑0280
In-Kind Income 461‑145‑0285
Japanese-American Restitution Payments 461‑145‑0290
Job Corps 461‑145‑0300
Workforce Investment Act 461‑145‑0310
Life Estate 461‑145‑0320
Life Insurance 461‑145‑0330
Loans and Interest on Loans 461‑145‑0340
Lodger Income 461‑145‑0343
Manufactured and Mobile Homes 461‑145‑0345
Military Income 461‑145‑0348
Mineral Rights 461‑145‑0360
Motor Vehicle 461‑145‑0365
National and Community Services Trust Act (NCSTA), including AmeriCorps (other than AmeriCorps VISTA) 461‑145‑0370
Older Americans Act 461‑145‑0380
Pension and Retirement Plans 461‑145‑0390
Personal Belongings 461‑145‑0400
Personal Injury Settlement 461‑145‑0405
Plan for Self-support 461‑145‑0410
Program Benefits 461‑145‑0415
Radiation Exposure Compensation Act 461‑145‑0417
Railroad Retirement Payments 461‑145‑0420
Real Property 461‑145‑0430
Real Property Excluded under an Interim Assistance Agreement 461‑145‑0433
Recreational Vehicles 461‑145‑0435
Refunds 461‑145‑0440
Reimbursement 461‑145‑0455
Resettlement and Placement (R&P) Grants 461‑145‑0460
Sale of a Resource 461‑145‑0470
Shelter-in-Kind Income 461‑145‑0490
Social Security Benefits 461‑145‑0500
Social Secuirty Death Benefit 461‑145‑0505
Spousal Support 461‑145‑0510
SSI 461‑145‑0520
Stocks, Bonds and Other Securities 461‑145‑0525
Strikers’ Benefits 461‑145‑0530
Tax Refund 461‑145‑0540
Trusts 461‑145‑0550
Unemployment Compensation Benefit 461‑145‑0560
Uniform Relocation Act 461‑145‑0570
USDA Meal Reimbursement 461‑145‑0580
Veterans’ Benefits 461‑145‑0582
Victims’ Assistance 461‑145‑0583
Virtual Currency or Cryptocurrency 461‑145‑0585
Vocational Rehabilitation Payment 461‑145‑0590
Workers Compensation 461‑145‑0600
Work-Related Capital Assets, Equipment, and Inventory 461‑145‑0810
Deemed Assets 461‑145‑0820
Deemed Assets 461‑145‑0830
When to Deem the Assets of a Sponsor of a Noncitizen and How Income is Deemed 461‑145‑0860
Deemed Assets, Parent of Minor Parent 461‑145‑0910
Self-Employment 461‑145‑0915
Self-Employment 461‑145‑0920
Self-Employment 461‑145‑0930
Self-Employment 461‑145‑0931
Additional Exclusions for Farming Costs
Last Updated

Jun. 8, 2021

Rule 461-145-0020’s source at or​.us