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Oregon Revised Statutes

Or. Rev. Stat. § 238A.400 (2026)

Payment of accounts at retirement; rules

✓ current as of May 2026
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      238A.400 Payment of accounts at retirement; rules. (1) Upon retirement on or after the earliest retirement date, as described in ORS 238A.165, a member of the individual account program shall receive in a lump sum the amounts in the member’s employee account, rollover account and employer account to the extent the member is vested in those accounts under ORS 238A.320.

      (2) In lieu of a lump sum payment under subsection (1) of this section, a member of the individual account program may elect to receive the amounts in the member’s employee account and employer account, to the extent the member is vested in those accounts under ORS 238A.320, in substantially equal installments paid over a period of 5, 10, 15 or 20 years, or over a period that is equal to the anticipated life span of the member as actuarially determined by the Public Employees Retirement Board. Installments may be made on a monthly, quarterly or annual basis. In no event may the period selected by the member exceed the time allowed by the minimum distribution requirements described in subsection (5) of this section. The board shall by rule establish the manner in which installments will be adjusted to reflect investment gains and losses on the unpaid balance during the payout period elected by the member under this subsection. The board by rule may establish minimum monthly amounts payable under this subsection. The board may require that a lump sum payment, or an installment schedule different than the schedules provided for in this subsection, be used to pay the vested amounts in the member’s accounts if those amounts are not adequate to generate the minimum monthly amounts specified by the rule.

      (3) A member of the individual account program electing to receive installments under subsection (2) of this section must designate a beneficiary or beneficiaries. In the event the member dies before all amounts in the employee and vested employer accounts are paid, the remaining account balance shall be paid in a lump sum distribution to the beneficiary or beneficiaries designated by the member.

      (4) A member who is entitled to receive retirement benefits under ORS chapter 238 may receive vested amounts in the member’s employee account, rollover account and employer account in the manner provided by this section when the member retires for service under the provisions of ORS chapter 238.

      (5) Notwithstanding any other provision of ORS 238A.300 to 238A.415, the entire interest of a member of the individual account program must be distributed over a time period commencing no later than the latest retirement date set forth in ORS 238A.170, and must be distributed in a manner that satisfies all other minimum distribution requirements of 26 U.S.C. 401(a)(9) and regulations implementing that section, as in effect on January 1, 2024. The board shall adopt rules implementing those minimum distribution requirements. [2003 c.733 §41; 2005 c.152 §10; 2007 c.71 §75; 2007 c.412 §1; 2009 c.5 §7; 2009 c.909 §7; 2010 c.82 §7; 2011 c.7 §7; 2012 c.31 §7; 2013 c.377 §7; 2014 c.52 §7; 2015 c.442 §7; 2016 c.33 §8; 2017 c.527 §8; 2018 c.101 §8; 2019 c.319 §8; 2021 c.456 §9; 2022 c.83 §9; 2023 c.171 §9; 2024 c.75 §9; 2025 c.70 §1]

Notes of Decisions
Cited in 1 case, 2005–2005 · leading case: Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005).
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Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005). · cites it 4× “733, § 41(1), codified as ORS 238A.400(1), in addition to any retirement benefits for work performed before January 1, 2004, to which the member may be entitled under PERS as it existed before the 2003 legislation.”
— Or. Rev. Stat. § 238A.400(1) — 1 case
Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005). “733, § 41(1), codified as ORS 238A.400(1), in addition to any retirement benefits for work performed before January 1, 2004, to which the member may be entitled under PERS as it existed before the 2003 legislation.”
— Or. Rev. Stat. § 238A.400(2) — 1 case
Strunk v. Pub. Employees Ret. Bd., 108 P.3d 1058 (Or. 2005). “733, § 41(1), codified as ORS 238A.400(1), in addition to any retirement benefits for work performed before January 1, 2004, to which the member may be entitled under PERS as it existed before the 2003 legislation.”
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