Notwithstanding any other provision of ORS § 238A.300 to 238A.415, the annual addition to the employee and employer accounts of a member of the individual account program for a calendar year, together with the annual additions to the accounts of the member under any other defined contribution plan maintained by the participating public employer for a calendar year, may not exceed the lesser of $40,000, or 100 percent of the member’s compensation for that calendar year. For purposes of this section, ‘annual addition’ has the meaning given that term in 26 U.S.C. § 415(c)(2), as in effect on December 31, 2022, and ‘compensation’ has the meaning given the term ‘participant’s compensation’ in 26 U.S.C. 415(c)(3), as in effect on December 31, 2022. The Public Employees Retirement Board shall adopt rules for the administration of this limitation, including adjustments in the annual dollar limitation to reflect cost-of-living adjustments authorized by the Internal Revenue Service. [2003 c.733 § 39; 2009 c.5 § 6; 2009 c.909 § 6; 2010 c.82 § 6; 2011 c.7 § 6; 2012 c.31 § 6; 2013 c.377 § 6; 2014 c.52 § 6; 2015 c.442 § 6; 2016 c.33 § 7; 2017 c.527 § 7; 2018 c.101 § 7; 2019 c.319 § 7; 2021 c.456 § 8; 2022 c.83 § 8; 2023 c.171 § 8]

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(Withdrawal by Inactive Member)