Section 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, all remaining installment payments shall be made to the beneficiary or beneficiaries designated by the member. A beneficiary may elect to receive a lump sum distribution of the remaining amounts.(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.Amended by 2024 Ch. 75,§ 9, eff. 6/6/2024.Amended by 2023 Ch. 171, § 9, eff. 9/24/2023.Amended by 2022 Ch. 83, § 9, eff. 6/3/2022.Amended by 2021 Ch. 456, § 9, eff. 9/25/2021.Amended by 2019 Ch. 319, § 8, eff. 9/29/2019.Amended by 2018 Ch. 101, § 8, eff. 6/2/2018.Amended by 2017 Ch. 527, § 8, eff. 10/6/2017.Amended by 2016 Ch. 33, § 8, eff. 6/2/2016.Amended by 2015 Ch. 442, § 7, eff. 10/5/2015.Amended by 2014 Ch. 52, § 7, eff. 6/6/2014.Amended by 2013 Ch. 377, § 7, eff. 91st day after sine die.Amended by 2012 Ch. 31, § 7, eff. 6/4/2012. 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