OAR 459-040-0050: Variable Annuity Adjustments for Judge Members

(1) A judge member may have elected to have a portion of the judge member’s contributions paid into the Variable Annuity Account in the Fund as provided in ORS 238.260(3) before June 30, 2003. A judge member who was participating in the Variable Annuity Account on that date may continue to make contributions to the Variable Annuity Account for service as a judge member performed on or after January 1, 2004. (2) The retirement allowance of a judge member with a variable account, whether receiving a service or disability retirement, shall be adjusted in accordance with ORS 238.260(12). The adjustment may result in a benefit greater than 75% of final average salary. (3) A retiring judge member participating in the Variable Annuity Account must elect at retirement to transfer the variable account balance to the judge member’s regular account in the fund, as of the effective date of retirement under the provisions of ORS 238.260(9), or to maintain an account in the Variable Annuity Account under the provisions of ORS 238.260(10) and (11). (4) A judge member who meets the criteria of ORS 238.260(14)(a) may elect at any time before retirement to make a one-time transfer of the balance of the judge member’s variable account to the judge member’s regular account in accordance with ORS 238.260(14).