OAR 459-007-0220: Distribution of Earnings for Withdrawal of Member's Account — Tier Two

When a Tier Two member withdraws his or her member account under ORS 238.265, earnings or losses from the effective date of the last annual rate to the date of distribution shall be credited in the manner specified in this rule. (1) Earnings or losses on the member’s regular account shall be credited as follows: (a) If earnings or losses for the calendar year prior to the effective date of withdrawal have not been credited, earnings or losses for that year shall be credited to the member’s regular account based on the latest year-to-date calculation for that year. (b) Earnings or losses from January 1 of the calendar year of the effective date of withdrawal to the effective date of withdrawal shall be credited to the member’s regular account based on the latest year-to-date calculation as of the effective date of withdrawal. (2) If the member is participating in the Variable Annuity Account, earnings or losses of the Variable Annuity Account shall be credited as follows: (a) If earnings or losses for the calendar year prior to the effective date of withdrawal have not been credited, earnings or losses for that year shall be applied based on the latest year-to-date calculation for that year. (b) Earnings or losses from January 1 of the calendar year of the effective date of withdrawal to the effective date of withdrawal shall be credited to the member’s variable account based on the latest year-to-date calculation as of the effective date of withdrawal. (3) After earnings and losses have been credited in accordance with sections (1) and (2) of this rule, the value of the variable account shall be added to the value of the regular account and the sum shall constitute the withdrawal amount. (4) Earnings on the withdrawal amount from the effective date of withdrawal to the date of distribution shall be paid to the member based on the average annualized rate prorated for that period.