Chapter 276 Oregon Laws 2003

AN ACT

SB 258

Relating to public employee retirement.

Be It Enacted by the People of the State of Oregon:

SECTION 1. Section 2 of this 2003 Act is added to and made a part of ORS chapter 238.

SECTION 2. (1) An inactive member who withdraws the account of the member under ORS 238.265 shall receive an additional amount equal to 50 percent of the balance of the account, to be paid from employer contributions, if:

(a) The member was an inactive member on January 1, 2000, and remains an inactive member until the member account is withdrawn;

(b) The member made contributions to the Public Employees Retirement Fund during each of five calendar years or more, and the amounts in the member account are attributable to those contributions; and

(c) The withdrawal is made on or after July 1, 2004, and before June 30, 2006.

(2) A member who withdraws a member account under this section may not obtain restoration under ORS 238.105 or 238.115 of the creditable service forfeited by the withdrawal.

Approved by the Governor June 10, 2003

Filed in the office of Secretary of State June 11, 2003

Effective date January 1, 2004

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