OAR 459-007-0335: Crediting Earnings for IAP Account Pre-Retirement Death Benefit Payments

(1) For the purposes of this rule, “monthly change rate” means the monthly earnings rate for IAP account(s) invested in the retirement installments fund. (2) When a beneficiary or beneficiaries receive(s) pre-retirement death benefit payments under ORS 238A.410, earnings will be credited to the accounts established under ORS 238A.350 in the manner specified in this rule. (a) For payments made in the first month of distribution: (A) If earnings for the calendar year before the date of distribution(s) have not been credited, earnings for that year shall be credited based on the member’s target date fund’s latest IAP year-to-date calculation available for that year. (B) Earnings credited for the calendar year of distribution will be credited based on the member’s target date fund’s latest IAP year-to-date calculation as of the first day of the calendar month of the initial date of distribution. (b) After the first month of distribution, any remaining account balance from a deceased non-retired member’s IAP account will be moved to the retirement installments fund. Earnings for the remaining account balance will be credited monthly using the latest monthly change rate beginning with the first of the month after the first month of distribution.