ORS 238A.320
Vesting
(1)
A member of the individual account program becomes vested in the employee account established for the member under ORS 238A.350 (Individual accounts established) (2) on the date the employee account is established.(2)
A member who makes rollover contributions becomes vested in the rollover account established for the member under ORS 238A.350 (Individual accounts established) (4) on the date the rollover account is established.(3)
Except as provided in subsection (4) of this section, if an employer makes employer contributions for a member under ORS 238A.340 (Employer contributions) the member becomes vested in the employer account established under ORS 238A.350 (Individual accounts established) (3) on the earliest of the following dates:(a)
The date on which the member completes at least 600 hours of service in each of five calendar years. The five calendar years need not be consecutive, but are subject to the provisions of subsection (5) of this section.(b)
The date on which an active member reaches the normal retirement age for the member under ORS 238A.160 (Normal retirement age).(c)
If the individual account program is terminated, the date on which termination becomes effective, but only to the extent the account is then funded.(d)
The date on which an active member becomes disabled, as described in ORS 238A.155 (Retirement credit for periods of disability) (5).(e)
The date on which an active member dies.(4)
If on the date that a person becomes an active member the person has already reached the normal retirement age for the person under ORS 238A.160 (Normal retirement age), and the employer makes employer contributions for the member under ORS 238A.340 (Employer contributions), the person is vested in the employer account established under ORS 238A.350 (Individual accounts established) (3) on that date.(5)
If a member of the individual account program who is not vested in the employer account performs fewer than 600 hours of service in each of five consecutive calendar years, hours of service performed before the first calendar year of the period of five consecutive calendar years shall be disregarded for purposes of determining whether the member is vested under subsection (3)(a) of this section.(6)
Solely for purposes of determining whether a member is vested under subsection (3)(a) of this section, hours of service include creditable service, as defined in ORS 238.005 (Definitions), performed by the person before the person became an eligible employee, as long as the membership of the person under ORS chapter 238 has not been terminated under the provisions of ORS 238.095 (Termination of membership) on the date the person becomes an eligible employee.(7)
A member becomes vested in the employee pension stability account established for the member under ORS 238A.353 (Employee pension stability accounts established) on the date the employee pension stability account is established. [2003 c.733 §31; 2011 c.9 §27; 2011 c.722 §11; 2019 c.355 §6]
Source:
Section 238A.320 — Vesting, https://www.oregonlegislature.gov/bills_laws/ors/ors238A.html.
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