Charters and Public School Academies
Governmental Accounting Standards Board (GASB)
Charters and Public School Academies
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In accordance with the IRS private letter ruling, tax-deferred payments to purchase service credit are considered employer payments and are tax-deferred as long as the contributions are withheld and forwarded to ORS before the member receives them. (Section 414(h) (2) of the Internal Revenue Code.) See section 10.02.04: Proper sequence of TDP and other deductions for more information.
Tax-deferred payments are credited to members' accounts as service credit purchased and are refundable upon request at termination of employment if that member is not eligible to receive a monthly pension.
Last updated: 04/13/2012