Upon retiring on normal retirement date or thereafter, a member of the pension program who is vested shall be paid an annual pension for the life of the member, calculated as provided in ORS § 238A.125. The annual pension provided for under this section shall be paid in equal monthly installments, payable as of the first day of each calendar month, beginning on the later of the member’s normal retirement date or the member’s effective date of retirement and ending on the first day of the month in which the member dies. [2003 c.733 § 18]

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