(1) The Oregon Public Service Retirement Plan is established. The purpose of the Oregon Public Service Retirement Plan is to provide career public employees with a secure and fair retirement income at an affordable, stable and predictable cost to the taxpayers. The Oregon Public Service Retirement Plan is composed of a pension program and an individual account program. The pension program and the individual account program are separate accounts for purposes of federal income tax qualification, and the assets of each program must be held as part of the trust established by ORS 238.660 for the exclusive benefit of the participants and beneficiaries. It is the intent of the Legislative Assembly that pursuant to section 414(k) of the Internal Revenue Code the individual account program be established and maintained as a tax-qualified defined contribution governmental plan for the purposes of sections 72(d) and 415 of the Internal Revenue Code. The Public Employees Retirement Board may create separate accounts within the Public Employees Retirement Fund for the pension program and the individual account program.
(2) Notwithstanding any provision of ORS chapter 238, any person who is employed by a participating public employer on or after August 29, 2003, and who has not established membership in the Public Employees Retirement System before August 29, 2003, is entitled to receive only the benefits provided under the Oregon Public Service Retirement Plan for periods of service with participating public employers on and after August 29, 2003, and has no right or claim to any benefit under ORS chapter 238 except as specifically provided by this chapter.
(3) Any person who is a member of the Public Employees Retirement System on August 28, 2003, is entitled to receive the benefits provided by ORS chapter 238 for all service performed before, on and after August 29, 2003, unless the person’s membership in the system is subsequently terminated under ORS 238.095. If the person’s membership in the system is terminated under ORS 238.095 on or after August 29, 2003, the person is entitled to receive the benefits provided under the Oregon Public Service Retirement Plan for periods of service with participating public employers after the termination of membership.
(4) A person establishes membership in the system before August 29, 2003, for the purposes of this section if:
(a) The person is a member of the system, or a judge member of the system, on August 28, 2003; or
(b) The person performed any period of service for a participating public employer before August 29, 2003, that is credited to the six-month period of employment required of an employee under ORS 238.015 before an employee may become a member of the system.
(5) Except as provided in this chapter, ORS chapter 238 does not apply to the Oregon Public Service Retirement Plan.
(6) The provisions of this section do not apply to a person elected or appointed as a judge as defined in ORS 238.500. [2003 c.733 §2; 2005 c.332 §6; 2005 c.808 §9; 2007 c.624 §1; 2007 c.769 §1a]
Note: Section 6, chapter 769, Oregon Laws 2007, provides:
Sec. 6. (1) The amendments to ORS 238A.025, 238A.165, 238A.305 and 243.800 and section 46b, chapter 733, Oregon Laws 2003, by sections 1a, 2, 3, 4 and 5 of this 2007 Act, and the repeal of ORS 238.180 and 238A.157 and section 2a, chapter 733, Oregon Laws 2003, by section 7 of this 2007 Act, apply to all service by members of the Public Employees Retirement System, whether performed before, on or after August 29, 2003.
(2) As soon as possible after the effective date of this 2007 Act [January 1, 2008], the Public Employees Retirement Board shall recalculate the benefits of any person who retired before the effective date of this 2007 Act if the benefits of the person were affected by the application of ORS 238A.025, as in effect immediately before the effective date of this 2007 Act.
(3) As soon as possible after the effective date of this 2007 Act, the Public Employees Retirement Board shall adjust the service credit of any active or inactive member who was affected by the application of ORS 238A.025, as in effect immediately before the effective date of this 2007 Act.
(4) As soon as possible after the effective date of this 2007 Act, the Public Employees Retirement Board shall adjust contributions and account balances of the individual accounts described in ORS 238A.350 for any active or inactive member who was affected by the application of ORS 238A.025, as in effect immediately before the effective date of this 2007 Act. The board may refund contributions, or require additional contributions, for adjustments to account balances made under this subsection. [2007 c.769 §6; 2007 c.769 §6a]
Section: Previous 238A.005 238A.010 238A.025 238A.030 238A.050 238A.070 238A.100 238A.110 238A.115 238A.120 238A.125 238A.130 238A.140 238A.142 238A.145 NextLast modified: August 7, 2008