Oregon Statutes 238.400 – Payment upon death of retired member who dies before making election of retirement benefits
If a person who is a member of the system, who has attained normal retirement age and who has retired from service, dies without making an election under ORS § 238.305 and prior to the expiration of the time within which such an election could be made by the person, and the records of the Public Employees Retirement Board indicate that the person has designated the surviving spouse as the beneficiary under ORS § 238.390 (1), such surviving spouse may, not more than 60 days after the date of the death of such deceased member, elect to receive the amount referred to in ORS § 238.390 (1), or elect Option 2 or Option 3 under ORS § 238.305 and designate self as the beneficiary thereunder with the same force and effect as if the election and designation had been properly made by the deceased member. [Formerly 237.167]
Terms Used In Oregon Statutes 238.400
- 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
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100