74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
SA to A-Eng. HB 2397
 
LC 262/HB 2397-A8
 
                      SENATE AMENDMENTS TO
                   A-ENGROSSED HOUSE BILL 2397
 
                    By COMMITTEE ON COMMERCE
 
                             June 5
 
  On page 1 of the printed A-engrossed bill, line 24, delete the
colon and insert 'established for the purpose of receiving the
eligible rollover distribution on behalf of the designated
beneficiary.'.
  On page 2, delete lines 1 through 4.
  Delete lines 13 through 19 and insert:
  ' (3) As used in this section, 'eligible rollover distribution'
has the meaning given that term in 26 U.S.C. 402(c)(4), as in
effect on the effective date of this 2007 Act.'.
  In line 25, delete the colon and insert 'established for the
purpose of receiving the eligible rollover distribution on behalf
of the designated beneficiary.'.
  Delete lines 26 through 29.
  Delete lines 38 through 44 and insert:
  ' (3) As used in this section, 'eligible rollover distribution'
has the meaning given that term in 26 U.S.C. 402(c)(4), as in
effect on the effective date of this 2007 Act.'.
  On page 3, line 7, delete the colon and insert 'established for
the purpose of receiving the eligible rollover distribution on
behalf of the designated beneficiary.'.
  Delete lines 8 through 11.
  Delete lines 20 through 27 and insert:
  ' (3) As used in this section, 'eligible rollover distribution'
has the meaning given that term in 26 U.S.C. 402(c)(4), as in
effect on the effective date of this 2007 Act.
  '  { +  SECTION 9. + }  { + Section 10 of this 2007 Act is
added to and made a part of ORS chapter 238. + }
  '  { +  SECTION 10. + }  { + (1) A member of the system
described in subsection (5) of this section who participates in
the state deferred compensation plan under ORS 243.401 to 243.507
may give written notice to the Public Employees Retirement Board
requesting that payment of all or part of the deferred amount be
made to the board for the purpose of acquiring creditable service
under ORS 238.115 and 238.125. Written notice under this section
must be given no later than 60 days after the effective date of
this 2007 Act. Upon receiving the notice, the board shall
immediately take any action necessary to effectuate the transfer
of the requested amount. The board may not make the amount
available to the member, and shall use the amount only for the
purposes described in this section. The amount transferred under
this section may not exceed the amount needed to:
  ' (a) Make the lump sum payment described in ORS 238.115
(1)(a)(B) that is required to restore forfeited creditable
service for which the member is eligible at the time of the
transfer; and
  ' (b) Make the lump sum payment described in ORS 238.125
necessary to acquire retirement credit under ORS 238.125.
  ' (2) Notwithstanding ORS 238.220, moneys transferred under
this section may be used to restore forfeited creditable service
under ORS 238.115 (1) in the manner provided by this section.
Notwithstanding ORS 238.115 (1)(a), the amount transferred under
this section must be applied to the restoration of forfeited
creditable service under ORS 238.115 (1) immediately after the
transfer is made.
  ' (3) If a member does not obtain restoration of all forfeited
creditable service by reason of the payment under subsection (2)
of this section, the member may obtain restoration of any
remaining forfeited creditable service by making the application
required by ORS 238.115 (1)(a)(A), and the lump sum payment
required by ORS 238.115 (1)(a)(B), within 90 days before the
effective date of retirement of the member.
  ' (4) Notwithstanding ORS 238.220, moneys transferred under
this section may be used to acquire retirement credit under ORS
238.125 in the manner provided by this section. Notwithstanding
ORS 238.125, the amount transferred under this section must be
applied to acquisition of retirement credit under ORS 238.125
immediately after the transfer is made.
  ' (5) A member may give written notice under subsection (1) of
this section only if:
  ' (a) The member is 60 years of age or older; and
  ' (b) The member will have 35 years or more of creditable
service after restoration of forfeited creditable service under
ORS 238.115 (1), and acquisition of retirement credit under ORS
238.125, by reason of the transfer and application of amounts
under this section. + } ' .
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