75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
SA to SB 399
 
LC 2067/SB 399-1
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 399
 
       By COMMITTEE ON COMMERCE AND WORKFORCE DEVELOPMENT
 
                              May 1
 
  On page 1 of the printed bill, delete lines 5 through 30 and
insert:
  '  { +  SECTION 2. + }  { + (1) Notwithstanding ORS 238.220, a
member of the Public Employees Retirement System who is eligible
to obtain restoration of forfeited creditable service under ORS
238.115, or to purchase retirement credit under ORS 238.125,
238.135, 238.145, 238.156, 238.157, 238.162, 238.165, 238.175 or
526.052, and who participates in an eligible retirement plan
described in subsection (3) of this section, may use moneys
transferred by way of a trustee-to-trustee transfer from the
eligible retirement plan to the Public Employees Retirement Board
for the purpose of obtaining restoration of the forfeited
creditable service or to purchase the retirement credit. The
board may not make any amount transferred under this section
available to the member, and may use the amount only for the
purposes described in this section.  The amount transferred under
this section may not exceed the amount needed to obtain
restoration of the forfeited creditable service or to purchase
the retirement credit.
  ' (2) If amounts transferred under this section are not
sufficient to pay the full amount necessary to obtain restoration
of the forfeited creditable service or to purchase the retirement
credit, the member must pay the remaining amount that is needed
to obtain restoration of the forfeited creditable service or to
purchase the retirement credit.
  ' (3) The following are eligible retirement plans for the
purposes of this section:
  ' (a) A governmental deferred compensation plan described in
section 457 of the Internal Revenue Code; and
  ' (b) A tax sheltered annuity described in section 403(b) of
the Internal Revenue Code.
  ' (4) The board shall adopt rules and establish procedures for
determining whether a member is allowed to obtain restoration of
the forfeited creditable service or to purchase the retirement
credit by means of a trustee-to-trustee transfer under this
section. The rules and procedures must ensure that transfers
under this section do not adversely affect the status of the
system and the Public Employees Retirement Fund as a qualified
governmental plan and trust under federal income tax law. + }
  '  { +  SECTION 3. + }  { + Section 2 of this 2009 Act becomes
operative September 1, 2011. + } ' .
  Delete page 2.
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