Oregon Statutes 107.118 – Definitions for ORS 107.118 to 107.131
As used in ORS § 107.118 to 107.131:
Terms Used In Oregon Statutes 107.118
- 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.
- Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
- 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
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Designation of beneficiary‘ means the naming of a person in a governing instrument for the purpose of a transfer of moneys or other benefits upon the death of the principal.
(2) ‘Governing instrument’ means a policy of life insurance executed by a principal before a suit for marital dissolution, separation or annulment or a document executed by the principal before a suit for marital dissolution, separation or annulment for the purpose of designating a beneficiary under:
(a) An employee pension benefit plan, as defined in 29 U.S.C. 1002 (2) for the purposes of the Employee Retirement Income Security Act of 1974;
(b) A public retirement system of a public body, as defined in ORS § 174.109, or of any other state or local government;
(c) A federal retirement system created by the federal government for any officer or employee of the United States, including any person retired from service in the United States Civil Service, the Armed Forces of the United States or any agency or subdivision thereof;
(d) A deferred compensation plan under section 457 of the Internal Revenue Code;
(e) An individual retirement account, annuity or trust or simplified employee pension under section 408 or 408A of the Internal Revenue Code;
(f) An employee annuity, including custodial accounts treated as annuities, under section 403(a) or (b) of the Internal Revenue Code; or
(g) A retirement account, stock certificate, mutual fund account, bank account or other financial account that is not jointly owned by the principal and the principal’s spouse and that is payable or transferable upon the death of the principal.
(3) ‘Principal’ means the person who designates a beneficiary in a governing instrument and who is a party to a suit for marital dissolution, separation or annulment.
(4) ‘Relative of the spouse’ means a person who is related to a spouse by blood, adoption or marriage and who is not related to the principal by blood, adoption or marriage.
(5) ‘Spouse’ means a person who is or was married to the principal. [2005 c.285 § 2]
107.118 to 107.131 were added to and made a part of ORS Chapter 107 by legislative action but were not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
[Repealed by 1971 c.280 § 28]