ORS 238A.410
Death benefits

  • rules

(1)

Intentionally left blank —Ed.

(a)

If a member of the individual account program dies before retirement, the amounts in the member’s employee account, rollover account and employer account, to the extent the member is vested in those accounts under ORS 238A.320 (Vesting), shall be paid in a lump sum to the beneficiary or beneficiaries designated by the member for the purposes of this section.

(b)

If a member of the individual account program dies before retirement, the amounts in the employee pension stability account established for the member under ORS 238A.353 (Employee pension stability accounts established) shall be applied by the Public Employees Retirement Board to pay the costs of any benefit payable under ORS 238.395 (Additional death benefit) or 238A.230 (Death benefit) that accrues on or after July 1, 2020. If the amounts in the employee pension stability account exceed the costs of the benefit payable under ORS 238.395 (Additional death benefit) or 238A.230 (Death benefit) that accrues on or after July 1, 2020, the excess amounts shall be paid in a lump sum to the beneficiary or beneficiaries designated by the member for the purposes of this section.

(2)

If a member of the individual account program is married at the time of death, or there exists at the time of death any other person who is constitutionally required to be treated in the same manner as a spouse for the purpose of retirement benefits, the spouse or other person shall be the beneficiary for purposes of the death benefit payable under this section unless the spouse or other person consents to the designation of a different beneficiary or beneficiaries before the designation has been made and the consent has not been revoked by the spouse or other person as of the time of the member’s death. Consent and revocation of consent must be in writing, acknowledged by a notary public, and submitted to the Public Employees Retirement Board in accordance with rules adopted by the board. If the member’s spouse is designated as the member’s beneficiary and the marriage of the member and spouse is subsequently dissolved, the former spouse shall be treated as predeceasing the member for purposes of this section, unless the member expressly designates the former spouse as beneficiary after the effective date of the dissolution or the former spouse is required to be designated as a beneficiary under the provisions of ORS 238.465 (Benefits payable to others under certain judgments).

(3)

For purposes of this section and ORS 238A.400 (Payment of accounts at retirement) (3), if a member fails to designate a beneficiary, or if the person or persons designated do not survive the member, the death benefit provided for in this section shall be paid to the following person or persons, in the following order of priority:

(a)

The member’s surviving spouse or other person who is constitutionally required to be treated in the same manner as a spouse;

(b)

The member’s surviving children, in equal shares; or

(c)

The member’s estate.

(4)

The entire amount of a deceased member’s vested accounts must be distributed by December 31 of the fifth calendar year after the year in which the member died. Notwithstanding any other provision of this chapter, distributions of death benefits under the individual account program must comply with the minimum distribution requirements of 26 U.S.C. 401(a)(9) and the regulations implementing that section, as in effect on April 1, 2021. The Public Employees Retirement Board shall adopt rules implementing those minimum distribution requirements. [2003 c.733 §42; 2009 c.5 §8; 2009 c.909 §8; 2010 c.82 §8; 2011 c.7 §8; 2012 c.31 §8; 2013 c.377 §8; 2014 c.52 §8; 2015 c.442 §8; 2016 c.33 §9; 2017 c.527 §9; 2018 c.101 §9; 2019 c.319 §9; 2019 c.355 §9; 2021 456 §10]

Source: Section 238A.410 — Death benefits; rules, https://www.­oregonlegislature.­gov/bills_laws/ors/ors238A.­html.

238A.005
Definitions
238A.010
Computation of hours of service
238A.025
Oregon Public Service Retirement Plan established
238A.030
Information technology system
238A.050
Oregon Public Service Retirement Plan part of Public Employees Retirement System
238A.070
Participation generally
238A.100
Establishing membership under pension program
238A.110
Termination of membership
238A.115
Vesting
238A.117
Vesting of member killed in course and scope of employment
238A.120
Withdrawal from pension program by vested inactive member
238A.125
Amount of pension
238A.130
Final average salary
238A.140
Accrual of retirement credit
238A.142
Accrual by academic employees of community college
238A.145
Loss of retirement credit
238A.150
Retirement credit for service in uniformed services
238A.155
Retirement credit for periods of disability
238A.160
Normal retirement age
238A.165
Earliest retirement age
238A.170
Latest retirement date
238A.180
Normal retirement benefit
238A.185
Early retirement
238A.190
Survivorship benefits
238A.195
Cash out of small benefits
238A.200
Actuarial equivalency factor tables
238A.210
Cost-of-living adjustment
238A.220
Employer contributions
238A.230
Death benefit
238A.235
Disability benefit
238A.240
Funding of disability benefit
238A.245
Reemployment after commencement of pension benefits
238A.250
Option of legislators to receive certain benefits
238A.300
Establishing membership under individual account program
238A.305
Persons establishing membership in system before August 29, 2003
238A.310
Termination of membership
238A.320
Vesting
238A.330
Employee contributions
238A.335
Employer payment of employee contribution
238A.340
Employer contributions
238A.350
Individual accounts established
238A.353
Employee pension stability accounts established
238A.360
Rollover contributions
238A.370
Limitation on contributions
238A.375
Distribution of accounts to inactive member
238A.400
Payment of accounts at retirement
238A.410
Death benefits
238A.415
Credit for service in uniformed services
238A.420
Investment options under individual account program
238A.422
Limitation of liability
238A.430
Direct rollovers
238A.435
Distribution of death benefit as rollover distribution
238A.450
Rules for Oregon Public Service Retirement Plan
238A.460
Limitation on powers of board, director and staff
238A.465
Legislative intent relating to increased benefits
238A.470
Contract rights under Oregon Public Service Retirement Plan
238A.475
Application of legislative changes to legislators
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