238.255
Credits to regular accounts when earnings less than assumed interest rate. (1) The regular account for an
active or inactive member of the Public Employees Retirement System shall be
examined each year. If the regular account is credited with earnings for the
previous year in an amount less than the earnings that would have been credited
pursuant to the assumed interest rate for that year determined by the Public
Employees Retirement Board, the amount of the difference shall be credited to
the regular account and charged to a reserve account in the Public Employees
Retirement Fund established for the purpose. A reserve account so established
may not be maintained on a deficit basis for a period of more than five years.
Earnings in excess of the assumed interest rate for years following the year
for which a charge is made to the reserve account shall first be applied to
reduce or eliminate the amount of a deficit.
(2) The regular
account for an active or inactive member who established membership in the
system before January 1, 1996, as described in ORS 238.430, may not be credited
with earnings in excess of the assumed interest rate until:
(a) The reserve
account established under subsection (1) of this section no longer has a
deficit;
(b) The reserve
account established under subsection (1) of this section is fully funded with
amounts determined by the board, after consultation with the actuary employed
by the board, to be necessary to ensure a zero balance in the account when all
members who established membership in the system before January 1, 1996, as
described in ORS 238.430, have retired; and
(c) The reserve
account established under subsection (1) of this section has been fully funded
as described in paragraph (b) of this subsection in each of the three
immediately preceding calendar years. [Formerly 237.277; 2001 c.945 §4; 2003
c.3 §1; 2003 c.67 §5; 2003 c.625 §10; 2011 c.722 §13]
238.258 [2003 c.67 §8; 2003 c.625 §12;
repealed by 2011 c.722 §15]
Notes of Decisions
Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005).
· cites it 42× “277 (1975) (now ORS 238.255). [41] Petitioners identify the following statutory provisions as relevant to our consideration: "[PERB] shall provide for a regular account for each active and inactive member of the system.”
Arken v. City of Portland, 263 P.3d 975 (Or. 2011).
· cites it 5× “PERB sets employer contribution rates, adopts actuarial equivalency factors and assumed earnings rates, establishes reserve accounts, and allocates annual earnings to accounts and reserves.”
Robertson v. Kulongoski, 359 F. Supp. 2d 1094 (D. Or. 2004).
· cites it 14× “Second Claim for Relief: HB 2003, Sections 5 & 6; Elimination of Guaranteed Rate Plaintiffs allege that prior to- the enactment of sections 5 and 6 of HB 2003, ORS § 238.255 guaranteed earnings on their accounts of at least 8%.”
— Or. Rev. Stat. § 238.255(1) — 2 cases
Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005).
“277 (1975) (now ORS 238.255). [41] Petitioners identify the following statutory provisions as relevant to our consideration: "[PERB] shall provide for a regular account for each active and inactive member of the system.”
Robertson v. Kulongoski, 359 F. Supp. 2d 1094 (D. Or. 2004).
“Second Claim for Relief: HB 2003, Sections 5 & 6; Elimination of Guaranteed Rate Plaintiffs allege that prior to- the enactment of sections 5 and 6 of HB 2003, ORS § 238.255 guaranteed earnings on their accounts of at least 8%.”
— Or. Rev. Stat. § 238.255(1)(2001) — 1 case
Robertson v. Kulongoski, 359 F. Supp. 2d 1094 (D. Or. 2004).
“Second Claim for Relief: HB 2003, Sections 5 & 6; Elimination of Guaranteed Rate Plaintiffs allege that prior to- the enactment of sections 5 and 6 of HB 2003, ORS § 238.255 guaranteed earnings on their accounts of at least 8%.”
— Or. Rev. Stat. § 238.255(3) — 1 case
Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005).
“277 (1975) (now ORS 238.255). [41] Petitioners identify the following statutory provisions as relevant to our consideration: "[PERB] shall provide for a regular account for each active and inactive member of the system.”
— Or. Rev. Stat. § 238.255(5) — 1 case
Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005).
“277 (1975) (now ORS 238.255). [41] Petitioners identify the following statutory provisions as relevant to our consideration: "[PERB] shall provide for a regular account for each active and inactive member of the system.”
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