(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 to 238A.245, 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 August 29, 2003. 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]
Section: Previous 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 238A.157 NextLast modified: August 7, 2008