(1) Except as provided in subsection (2) of this section, all members of the Public Employees Retirement System who established membership in the Public Employees Retirement System before August 29, 2003, as described in ORS 238A.025 become members of the individual account program on January 1, 2004.
(2) A member of the Public Employees Retirement System may not be a member of the individual account program during any period of time during which the member is required to make contributions to the system under ORS 238.200.
(3) Solely for the purpose of determining the amount of the employee contribution for persons who become members of the individual account program under this section, whether paid by the employee or by the employer, the Public Employees Retirement Board shall use the definition of “salary” provided by ORS 238.005. [2003 c.733 §33; 2005 c.332 §17; 2007 c.769 §3]
Note: See note under 238A.025.
Section: Previous 238A.210 238A.220 238A.230 238A.235 238A.240 238A.245 238A.300 238A.305 238A.310 238A.320 238A.330 238A.335 238A.340 238A.350 238A.360 NextLast modified: August 7, 2008