ORS 238.255 provides that the PERS Board shall determine an assumed interest rate. OAR 459-007-0001(2) states that the “assumed rate” is the actuarial assumed rate of return on investments as adopted by the Board for the most recent actuarial valuation. The Board has not changed the assumed rate since 1989. Currently, PERS does not have administrative rules that set forth how a change in the assumed rate would be implemented. This new rule describes when PERS transactions will be impacted if the Board approves a change to the assumed rate.
Payment of Retirement Benefits
Edits to this administrative rule are required to delete references to gender and obsolete language such as “insurable interest,” which was removed from statute in 1971; to reference our new administrative rule regarding any accrued benefits due a retired member after death; and to clarify the date of subsequent lump-sum installment payments after the initial installment payment was made.