(1) A benefit that is owed to a member or beneficiary of a member under the Public
Employees Retirement System shall be forfeited at the end of the system's plan year
in which the benefit becomes due if the Public Employees Retirement Board is unable
to locate the member or beneficiary. If the member, beneficiary or any other person thereafter establishes a right to the
forfeited benefit, the board shall reinstate the benefit. If the benefit is a periodic payment, the board shall make a retroactive payment to
the member, beneficiary or other person in a lump sum for all amounts that would have
been paid before reinstatement of the benefit. No interest shall be paid on the benefit for the period commencing when the benefit
became due and the date of the retroactive payment.
(2) Death benefits and other amounts payable by reason of the death of a member do
not escheat to the state when the member dies without heirs, devisees or beneficiaries
designated under ORS 238.390. If a beneficiary has not been designated under ORS 238.390, and a personal representative or a person filing an affidavit under ORS 114.505 to 114.560 fails to make claim for the benefits within one year after the member dies, the benefits
shall be forfeited to the Public Employees Retirement Fund in the manner provided
by subsection (1) of this section and are subject to reinstatement only upon subsequent
appointment of a personal representative or the filing of an affidavit in the manner
provided by ORS 114.505 to 114.560. If benefits are paid to a personal representative or a person filing an affidavit
under ORS 114.505 to 114.560, the personal representative or person filing the affidavit shall return to the board
the amount that would otherwise escheat to the state after payment of administrative
expenses and claims against the estate. Any amounts returned to the board under this subsection shall be forfeited to the
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