(A) The total benefit payable to the beneficiaries designated by the deceased member is less than $250 in amount;
(B) Ten years have passed since the death of the member; and
(C) No claim has been made for the benefit payment.
(b) Amounts transferred under this section shall be credited to accounts or reserves in the fund designated by the board in its discretion.
(c) The board shall establish procedures for the filing of a delayed claim by a beneficiary of a deceased member who would otherwise be entitled to receive a benefit payment. Delayed claims may be filed after the 10-year period provided for in paragraph (a) of this subsection.
(2)(a) The Public Employees Retirement Board may transfer the amount credited to the member account of a former member to another account or reserve in the fund if:
(A) The total amount credited to the member account of the former member is less than $250;
(B) The membership of the person in the system has been terminated under the provisions of ORS 238.095 (2) or the membership of the person in the pension program or individual account program has been terminated under ORS 238A.110 or 238A.310; and
(C) Ten years have passed since the former member ceased to be a member of the system and no claim has been made for payment of the amount credited to the member account of the former member.
(b) Amounts transferred under this section shall be credited to reserves or accounts in the fund designated by the board in its discretion.
(c) The board shall establish procedures for the filing of a delayed claim by a former member of the system who would otherwise be entitled to receive amounts credited to the member account of the former member. Delayed claims may be filed after the 10-year period provided for in paragraph (a) of this subsection. [Formerly 237.295; 2001 c.945 §65; 2003 c.733 §63]