Oregon Statutes 238A.195 – Cash out of small benefits
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If the monthly pension benefit payable to a member of the pension program under ORS § 238A.180 is less than $200, or the monthly death benefit payable to the beneficiary of a deceased member under ORS § 238A.230 is less than $200, the Public Employees Retirement Board shall convert the benefit into a lump sum that represents the actuarial equivalent of the present value of the pension or death benefit and pay that amount to the member or the deceased member’s beneficiary in lieu of a pension or death benefit under ORS § 238A.100 to 238A.250. [2003 c.733 § 21]
Terms Used In Oregon Statutes 238A.195
- 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