OAR 461-145-0380
Pension and Retirement Plans

(1)

Pension and retirement plans include the following:

(a)

Benefits employees receive only when they retire. These benefits can be disbursed in lump-sum or monthly payments.

(b)

Benefits that employees are allowed to withdraw when they leave a job before retirement.

(c)

The following retirement plans authorized by section 401 of the Internal Revenue Code of 1986:

(A)

Traditional Defined-Benefit Plan.

(B)

Cash Balance Plan.

(C)

Employee Stock Ownership Plan.

(D)

Keogh Plan.

(E)

Money Purchase Pension Plan.

(F)

Profit-Sharing Plan.

(G)

Simple 401(k).

(H)

401(k).

(d)

Retirement plans authorized by section 403 of the Internal Revenue Code of 1986 at subsections (a) or (b).

(e)

The following retirement plans and annuities authorized by section 408 of the Internal Revenue Code of 1986 at subsections (a), (b), (c), (k), (p), or (q), or at section 408A:

(A)

Individual Retirement Annuity.

(B)

Individual Retirement Account (IRA).

(C)

Deemed Individual Retirement Account or Annuity under a qualified employer plan.

(D)

Accounts established by employers and certain associations of employees.

(E)

Simplified Employee Pension (SEP).

(F)

Simple Individual Retirement Account (Simple-IRA).

(G)

Roth IRA.

(f)

The following retirement plans offered by governments, nonprofit organizations, or unions:

(A)

457(b) Plan.

(B)

501(c)(18) Plan.

(C)

Federal Thrift Savings Plan under 5 USC 8439.

(g)

In all programs except the OSIP, OSIPM, and QMB programs, an annuity purchased by an individual with funds from a plan authorized under subsection (c), (d), or (f) of this section.

(2)

An annuitized retirement plan described in subsection (1)(e) of this rule, purchased by the spouse (see OAR 461-001-0000 (Definitions for Chapter 461)), is not considered a retirement plan and is treated in accordance with OAR 461-145-0020 (Annuities; Not OSIPM) and OAR 461-145-0022 (Annuities; OSIPM).

(3)

Except as provided in subsection (c) of this section, benefits an individual receives from pension and retirement plans are treated as follows:

(a)

Monthly payments are counted as unearned income.

(b)

All payments not covered by subsection (a) of this section are counted as periodic income (see OAR 461-001-0000 (Definitions for Chapter 461) and 461-140-0110 (Treatment of Periodic Income)) or lump-sum income (see OAR 461-001-0000 (Definitions for Chapter 461) and 461-140-0120 (Availability and Treatment of Lump-Sum Income)).

(c)

In the OSIP, OSIPM, and QMB-DW programs, if the equity value (see OAR 461-001-0000 (Definitions for Chapter 461)) of the pension or retirement plan is counted as a resource under section (4) of this rule, any payments received are considered the conversion of a resource and are not counted as income.

(4)

In the OSIP, OSIPM, and QMB-DW programs:

(a)

Except for an annuity purchased with funds from a retirement plan described in subsection (1)(e) of this rule:

(A)

The equity value of a pension or retirement plan is excluded as a resource if the individual is eligible for monthly or periodic payments under the terms of the plan and has applied for those payments. When an individual is permitted to choose or change a payment option, the individual must select the option that:
(i)
Provides payments commencing on the earliest possible date; and
(ii)
Completes payments over the actuarial life expectancy, as published in the Periodic Life Table of the Office of the Chief Actuary of the Social Security Administration, of the individual.

(B)

The equity value of all pension and retirement plans not covered by paragraph (A) of this subsection that allows an individual to withdraw funds, minus any penalty for withdrawal, is counted as a resource.

(b)

The equity value of an annuitized retirement plan described in subsection (1)(e) of this rule is excluded as a resource if it meets the payout requirements of OAR 461-145-0022 (Annuities; OSIPM)(10)(c). Otherwise, the equity value is counted as a resource.

(c)

For an individual in a standard living arrangement (see OAR 461-001-0000 (Definitions for Chapter 461)), the equity value of pension and retirement plans owned by a non-applying spouse or parent (see OAR 461-001-0000 (Definitions for Chapter 461)) is excluded as a resource. Dividends and interest earned on pension funds owned by a non-applying spouse or parent are excluded as income.

(5)

In the QMB-BAS, QMB-SMB, and QMB-SMF programs, dividends and interest earned on pension funds owned by a non-applying spouse are excluded as income.

(6)

In the SNAP and TANF programs, the value of retirement accounts identified in sections 401(a), 401(k), 403(a), 403(b), 408, 408(k), 408(p), 408A, 457(b), 501(c)(18), or 529A of the Internal Revenue Code are excluded as resources. The value of retirement accounts designated as a Federal Thrift Savings Plan account, IRA, myRA, Roth IRA, SEP, Simple IRA, and any other retirement plan designated as tax-exempt under a successor or similar provision of the Internal Revenue Code of 1986 are excluded resources.

(7)

In all programs except the OSIP, OSIPM, QMB, SNAP, and TANF programs, the equity value of a pension and retirement plan that allows an individual to withdraw funds before retirement, minus any penalty for early withdrawal, is counted as a resource.

Source: Rule 461-145-0380 — Pension and Retirement Plans, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=461-145-0380.

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 461-145-0380’s source at or​.us