75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2067
 
                         Senate Bill 399
 
Sponsored by COMMITTEE ON COMMERCE AND WORKFORCE DEVELOPMENT
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
 
  Allows certain members of Public Employees Retirement System
who participate in deferred compensation plan to request, within
60 days of effective date of Act, that payment of all or part of
deferred amount be paid to Public Employees Retirement Board for
purpose of restoring forfeited creditable service, or acquiring
retirement credit for probationary period of employment, or both.
 
                        A BILL FOR AN ACT
Relating to rollover contributions.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2009 Act is added to and made
a part of ORS chapter 238. + }
  SECTION 2.  { + (1) A member of the Public Employees Retirement
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
restoring forfeited creditable service under ORS 238.115, or
acquiring retirement credit under ORS 238.125, or both. Written
notice under this section must be given no later than 60 days
after the effective date of this 2009 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 must 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 has attained normal retirement age; and
  (b) The member will have 30 years or more of creditable service
after any restoration of forfeited creditable service under ORS
238.115 (1), or any acquisition of retirement credit under ORS
238.125, by reason of the transfer and application of amounts
under this section. + }
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