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Oregon Revised Statutes Public Officers and Employees § 238.607

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) Once every two calendar years, the Public Employees Retirement Board shall adopt actuarial equivalency factor tables for the purpose of computing the payments to be made to members and their beneficiaries, alternate payees and judge members and their spouses and beneficiaries. The tables may be adopted in conjunction with the system evaluation required by ORS 238.605. Tables adopted under this section must use the best actuarial information on mortality available at the time the board adopts the tables, as provided by the actuary engaged by the board. Actuarial equivalency factor tables adopted under this section become effective on January 1 of the calendar year following adoption of the tables by the board. All computations of payments must use the actuarial equivalency factor tables that are in effect on:

(a) The effective date of retirement for any member, judge member or alternate payee;

(b) The date that the first payment is due for any death beneficiary; or

(c) The date that the first payment is due for any recalculation of payments that is not attributable to error, including but not limited to recalculations under ORS 238.465 (2).

(2) The board may not defer or delay implementation of the actuarial equivalency factor tables adopted under this section.

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Cite this article: FindLaw.com - Oregon Revised Statutes Public Officers and Employees § 238.607 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-22-public-officers-and-employees/or-rev-st-sect-238-607/

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