(2) If a retired member of the pension program is reemployed under the provisions of this section, any option chosen by the member under ORS 238A.190 is canceled, and upon retiring thereafter the member may elect any option provided for in ORS 238A.180 and 238A.190. The board shall recalculate the pension of the member upon subsequent retirement. [2003 c.733 §26; 2011 c.722 §4; 2013 s.s. c.3 §12]

Note: Sections 36, 37 and 38, chapter 355, Oregon Laws 2019, provide:

Sec. 36. Section 37 of this 2019 Act is added to and made a part of ORS chapter 238A. [2019 c.355 §36]

Sec. 37. Employment of retired member without limitation on hours during calendar year 2020, 2021, 2022, 2023 or 2024. (1) Notwithstanding ORS 238A.245 and subject to the limitations in this section, during calendar year 2020, 2021, 2022, 2023 or 2024, a participating public employer may employ any retired member without limitation on the hours worked by the retired member if the administrative head of the public employer is satisfied that the employment is in the public interest. The Public Employees Retirement Board shall continue making pension payments to a retired member of the pension program who is reemployed under this section.

(2) A public employer that employs a retired member during calendar year 2020, 2021, 2022, 2023 or 2024 shall contribute to the board the percentage of the member’s wages that would have been contributed to the board under ORS 238A.220 if the member were an active member of the Public Employees Retirement System. Employer contributions made under this section are in addition to employer contributions made under ORS 238A.220. The board shall apply contributions made by a public employer under this subsection against the liabilities of the public employer. The board shall adopt rules governing payments made under this subsection.

(3) A retired member who is receiving old-age, survivors or disability insurance benefits under the federal Social Security Act may be employed during calendar year 2020, 2021, 2022, 2023 or 2024 for no more than the number of hours for which the salary equals the maximum allowed for receipt of the full amount of those benefits to which the person is entitled.

(4) This section does not apply to any member who retires under the provisions of ORS 238A.185, unless the person’s date of retirement is more than six months before the date the person is employed under this section.

(5) Employment under this section does not affect the status of a person as a retired member of the pension program and a recipient of retirement benefits under this chapter [ORS chapter 238A]. [2019 c.355 §37]

Sec. 38. Sections 35 and 37 of this 2019 Act are repealed on January 2, 2025. [2019 c.355 §38]