Oregon Statutes 238A.435 – Distribution of death benefit as rollover distribution
(1) If a benefit is payable under this chapter to a beneficiary by reason of the death of a member of the system, the beneficiary may elect to have all or part of the distribution of the death benefit paid in an eligible rollover distribution to an individual retirement plan described in 26 U.S.C. § 408(a), or an individual retirement annuity, other than an endowment contract, described in 26 U.S.C. § 408(b), if the plan or annuity is established for the purpose of receiving the eligible rollover distribution on behalf of the designated beneficiary.
Terms Used In Oregon Statutes 238A.435
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Decedent: A deceased person.
(2) Subsection (1) of this section applies to an eligible rollover distribution of death benefits to a beneficiary who is not treated as the spouse of the decedent for federal tax purposes and who is the decedent’s designated beneficiary for the purposes of the minimum required distribution requirements of 26 U.S.C. 401(a)(9). To the extent provided by rules of the Public Employees Retirement Board, a trust maintained for the benefit of one or more beneficiaries must be treated by the board in the same manner as a trust that is designated as a beneficiary for the purposes of the minimum required distribution requirements of 26 U.S.C. § 401(a)(9).
(3) As used in this section, ‘eligible rollover distribution’ has the meaning given that term in 26 U.S.C. 402(c)(4), as in effect on December 31, 2022. [2007 c.628 § 6; 2017 c.527 § 12; 2018 c.101 § 12; 2019 c.319 § 12; 2021 c.456 § 13; 2022 c.83 § 13; 2023 c.171 § 13]
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