Oregon Revised Statutes Chapter 238 § 238.425 — Benefits payable to vested inactive member

Benefits payable to vested inactive member. In the event that an employee who is a vested member of the system and who has not attained earliest service retirement age is separated, for any reason other than death or disability, from all service entitling the employee to membership in the system, the member account, if any, of the member shall remain to the member’s credit in the fund unless the member elects to withdraw it and there shall be paid such death benefits as this chapter provides; or a disability retirement allowance or, after attaining earliest service retirement age, a service retirement allowance, either of which shall consist of the allowance provided in ORS 238.300, but actuarially reduced based on the member’s then attained age. [Formerly 237.111 (1); 2001 c.945 §58; 2003 c.67 §12; 2003 c.625 §15] (Benefits Payable to Persons Establishing Membership on or After January 1, 1996)