(2) Each account established under this section shall be adjusted at least annually in accordance with rules adopted by the board to reflect any net earnings or losses on the amounts in the account. The adjustments described in this subsection shall continue until the amounts in the account are withdrawn or applied against the costs of the pension or other retirement benefits that are payable to the member or the member’s beneficiary under this chapter or ORS chapter 238.

(3)(a) Unless the amounts in an account established under this section are withdrawn under ORS 238A.375, the amounts in the account established under this section shall be applied by the board to pay the costs of the pension or other retirement benefits that are payable to the member or the member’s beneficiary under this chapter or ORS chapter 238 and that accrue on or after July 1, 2020.

(b) If the amounts in the account established under this section exceed the costs of the pension or other retirement benefits that are payable to the member or the member’s beneficiary under this chapter or ORS chapter 238 and that accrue on or after July 1, 2020, the board shall refund the excess amounts in a lump sum to the member or the member’s beneficiary. [2019 c.355 §3]

Note: 238A.353 becomes operative July 1, 2020. See section 60, chapter 355, Oregon Laws 2019.

Note: 238A.353 was added to and made a part of ORS chapter 238A by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.