ORS 238A.125
Amount of pension

  • rules

(1)

Upon retiring at normal retirement age, a vested pension program member shall be paid an annual pension for the life of the member as follows:

(a)

For service as a police officer or firefighter, 1.8 percent of final average salary multiplied by the number of years of retirement credit attributable to service as a police officer or firefighter.

(b)

For service as other than a police officer or firefighter, 1.5 percent of final average salary multiplied by the number of years of retirement credit attributable to service as other than a police officer or firefighter.

(2)

Notwithstanding any provision of ORS 238A.100 (Establishing membership under pension program) to 238A.250 (Option of legislators to receive certain benefits), the annual benefit payable to a member under the pension program and under any other tax-qualified defined benefit plan maintained by the participating public employer may not exceed the applicable limitations set forth in 26 U.S.C. 415(b), as in effect on April 1, 2021. The Public Employees Retirement Board shall adopt rules for the administration of this limitation, including adjustments in the annual dollar limitation to reflect cost-of-living adjustments authorized by the Internal Revenue Service.

(3)

The board shall make no actuarial adjustment in a member’s pension calculated under this section by reason of the member’s retirement after normal retirement age. [2003 c.733 §9; 2009 c.5 §2; 2009 c.909 §2; 2010 c.82 §2; 2011 c.7 §2; 2012 c.31 §2; 2013 c.377 §2; 2014 c.52 §2; 2015 c.442 §2; 2016 c.33 §3; 2017 c.527 §3; 2018 c.101 §3; 2019 c.319 §3; 2021 c.456 §4]

Source: Section 238A.125 — Amount of pension; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors238A.­html.

238A.005
Definitions 238A.010
Computation of hours of service 238A.025
Oregon Public Service Retirement Plan established 238A.030
Information technology system 238A.050
Oregon Public Service Retirement Plan part of Public Employees Retirement System 238A.070
Participation generally 238A.100
Establishing membership under pension program 238A.110
Termination of membership 238A.115
Vesting 238A.117
Vesting of member killed in course and scope of employment 238A.120
Withdrawal from pension program by vested inactive member 238A.125
Amount of pension 238A.130
Final average salary 238A.140
Accrual of retirement credit 238A.142
Accrual by academic employees of community college 238A.145
Loss of retirement credit 238A.150
Retirement credit for service in uniformed services 238A.155
Retirement credit for periods of disability 238A.160
Normal retirement age 238A.165
Earliest retirement age 238A.170
Latest retirement date 238A.180
Normal retirement benefit 238A.185
Early retirement 238A.190
Survivorship benefits 238A.195
Cash out of small benefits 238A.200
Actuarial equivalency factor tables 238A.210
Cost-of-living adjustment 238A.220
Employer contributions 238A.230
Death benefit 238A.235
Disability benefit 238A.240
Funding of disability benefit 238A.245
Reemployment after commencement of pension benefits 238A.250
Option of legislators to receive certain benefits 238A.300
Establishing membership under individual account program 238A.305
Persons establishing membership in system before August 29, 2003 238A.310
Termination of membership 238A.320
Vesting 238A.330
Employee contributions 238A.335
Employer payment of employee contribution 238A.340
Employer contributions 238A.350
Individual accounts established 238A.353
Employee pension stability accounts established 238A.360
Rollover contributions 238A.370
Limitation on contributions 238A.375
Distribution of accounts to inactive member 238A.400
Payment of accounts at retirement 238A.410
Death benefits 238A.415
Credit for service in uniformed services 238A.420
Investment options under individual account program 238A.422
Limitation of liability 238A.430
Direct rollovers 238A.435
Distribution of death benefit as rollover distribution 238A.450
Rules for Oregon Public Service Retirement Plan 238A.460
Limitation on powers of board, director and staff 238A.465
Legislative intent relating to increased benefits 238A.470
Contract rights under Oregon Public Service Retirement Plan 238A.475
Application of legislative changes to legislators
Green check means up to date. Up to date

Current through early 2024

§ 238A.125’s source at oregon​.gov