(1) A vested inactive member may withdraw from the pension program if:
(a) The actuarial equivalent of the memberís benefit under the pension program at the time of withdrawal is $5,000 or less; and
(b) The inactive member has separated from all service with participating public employers and with employers who are treated as part of a participating public employerís controlled group under the federal laws and rules governing the status of the system and the fund as a qualified governmental retirement plan and trust.
(2) Upon withdrawal under this section, the Public Employees Retirement Board shall pay the withdrawing member the actuarial equivalent of the memberís benefit in a lump sum.
(3) If a vested inactive member withdraws from the pension program under this section and is thereafter reemployed by a participating public employer:
(a) The person may reestablish membership in the pension program only for the purpose of service performed after the person is reemployed; and
(b) Any service performed before the withdrawal may not be credited toward the period of service required by ORS 238A.100 or 238A.115 or toward the accrual of retirement credit under ORS 238A.140, 238A.150 or 238A.155.
(4) A member who has an individual account or accounts in the individual account program established under ORS 238A.025 may withdraw from the pension program under this section only if the member also withdraws all individual accounts pursuant to ORS 238A.375. A member who has a member account established under ORS chapter 238 may withdraw from the pension program under this section only if the member also withdraws that member account in the manner provided by ORS 238.265. A member who has an account established under ORS 238.440 may withdraw from the pension program under this section only if the member also withdraws the account established under ORS 238.440.
(5) For the purposes of this section, the actuarial equivalent of a memberís benefit does not include any value attributable to adjustments to the benefit under ORS 238A.210. [2003 c.733 §8; 2005 c.152 §2; 2007 c.52 §2]
(Computation of Benefit)Section: Previous 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 238A.150 238A.155 Next
Last modified: August 7, 2008