OAR 459-011-0150: General Purchases

(1) For purposes of this rule, “purchase” means restoration of creditable service under ORS 238.115 or obtaining retirement credit under ORS 238.125, 238.135, 238.145, 238.148, 238.156, 238.157, 238.160, 238.162, 238.165, 238.175, 526.052 or section 2, Chapter 971, Oregon Laws 1999. (2) To make a purchase, a member must submit the application for restoration of creditable service or to obtain retirement credit and the full purchase cost, provided by PERS, within the time period established in the particular statute. (3)(a) If the purchase cost is adjusted and requires an additional payment, PERS will notify the member of the balance due. To complete the purchase, the balance due must be received by PERS by the later of: (A) The date set by PERS; or (B) The member’s effective retirement date. (b) If the balance due required in subsection (a) of this section is not received within the time period established in subsection (a) of this section, PERS will cancel the purchase and return the amount paid under section (2) of this rule to the member, subject to the provisions of OAR 459-005-0580. (4) If the purchase cost is adjusted and is lower than the amount paid under section (2) of this rule, PERS will refund the excess amount to the member, subject to the provisions of OAR 459-005-0580.