ORS 238A.353
Employee pension stability accounts established
(1)
The Public Employees Retirement Board shall establish an employee pension stability account for each active member of the Public Employees Retirement System.(2)
Each account established under this section shall be adjusted at least annually in accordance with rules adopted by the board to reflect any net earnings or losses on the amounts in the account. The adjustments described in this subsection shall continue until the amounts in the account are withdrawn or applied against the costs of the pension or other retirement benefits that are payable to the member or the member’s beneficiary under this chapter or ORS chapter 238.(3)
Intentionally left blank —Ed.(a)
Unless the amounts in an account established under this section are withdrawn under ORS 238A.375 (Distribution of accounts to inactive member), the amounts in the account established under this section shall be applied by the board to pay the costs of the pension or other retirement benefits that are payable to the member or the member’s beneficiary under this chapter or ORS chapter 238 and that accrue on or after July 1, 2020.(b)
If the amounts in the account established under this section exceed the costs of the pension or other retirement benefits that are payable to the member or the member’s beneficiary under this chapter or ORS chapter 238 and that accrue on or after July 1, 2020, the board shall refund the excess amounts in a lump sum to the member or the member’s beneficiary. [2019 c.355 §3]
Source:
Section 238A.353 — Employee pension stability accounts established, https://www.oregonlegislature.gov/bills_laws/ors/ors238A.html.
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