What's New

Check here for announcements about our plans, as well as new documentation, tools from our providers, and more.

 

  • 2018 Updates for Participants
    • RPM is hosting a pilot Retirement Expo at University of Oregon on April 10, 2018. The event will include multiple local organizations and plan vendors to assist employees with their questions and concerns about retirement option within the Oregon University System. Additionally, there will be informational workshops hosted by PERS, Social Security, and more to give in-depth information to employees. Attendees will have the opportunity to win one of multiple prize packages, but everyone will be able to walk away with some goodies. If this trial event goes well, other universities in Oregon included in the Oregon Public Universities Retirement Plans (OPURP) will have similar events scheduled for their campuses. For more details, click here to see our event flyer.
    • IAP Accounts to be Invested in Target Date Funds. For all the details, please see the PERS Announcement.
    • Post-Doctoral scholars eligibility for the ORP has changed. See our new guide for more information here: PDF iconGuide 8: Post-Doctoral Scholars 2018
    • To view the Post-Doctoral scholar update from the legislature, you can review Senate Bill 214 here.
    • PDF icon2018 Contribution Limit Changes.pdf
    • PDF iconVALIC 2018 Update for Participants

 

 

2018 PERS Bils - Update

SB 1561, HB 4134 and HB 4050 did not pass this year.

HB 4159 passed. This bill directs Public Employees Retirement Board to adopt rules providing that, if Oregon Investment Council invests assets of individual account program in multiple risk categories depending on characteristics of individual member, member of individual account program may elect to have moneys in member's individual accounts deposited into approved investment option.

To summarize, in January of 2018, assets in the Individual Account Plan (IAP) were transferred to Target Date Funds (TDFs). Participants were placed in accounts that are closest to the year they turn age 65.  For example, someone born in between 1968 and 1972 are in the 2035 fund. HB 4159 will allow participants to make an election once per calendar year in the IAP to change that allocation. The PERS board will establish the date by which a member must make an election under this section in order for the election to become effective on January 1 of the following year. The participant may move their funds from the fund that is closest to the year they turn 65 to any of the other target date funds. For more information about the target date funds in the IAP, review the PERS Announcement. More information should be available from PERS in the coming months. Retirement Plans Management will update you accordingly.

 

  • 2018 Oregon Legislature Updates - Bills Introduced
    • Senate Bill 1561: Directs PERS Board to establish member pension contribution amount for certain employee contributions of member of PERS. Directs board to apply amount in account to pay costs of pension or other retirement benefits payable to member earned on or after January, 2019. Read more details on this bill here.
    • House Bill 4131: Provides that member of PERS may not accrue pension benefits for future service. Requires member and employer to each contribute  4% of the member's salary to individual account program (IAP). Read more details on this bill here.
    • House Bill 4070: Establishes retirement benefits payable under OPSRP to persons who establish membership in PERS on or after effective date of Act. Provides that such persons do not become members of pension program of plan. Requires employers of such persons to make contributions to plan in amount equal to 10% of member's salary. Allows person to contribute an additional 2% of salary, which is matched by employer. Read more details on this bill here.

 

  • 2017 Oregon Legislature Updates
    • Senate Bill 214: Regarding participation in ORP for Post-Doctoral employees. Beginning 1/1/18, new post-doctoral scholars  will no longer be eligible for PERS, but will be eligible for new provision in ORP upon completion of a) six hundred hours of employment or the equivalent as determined by the governing board; and b) Six months of employment that is not interrupted by more than 30 consecutive working days.  If they contribute up to 4% of their salary to the TDI plans with either Fidelity or TIAA, they will receive an equivalent employer match in the ORP. Read more details on this bill here.
    • Senate Bill 201: Addresses a small group of OPSRP members, employed during a specific period of time, who received retirement service credit and contributions when they should not have.  Under OPSRP, salary is defined as payments includable in an employee's taxable income under Oregon law.  At the time of service by these impacted members, their salary was not considered taxable income under Oregon law because they lived and worked outside of Oregon. This legislation clarifies that for the small group of OPSRP members, the impacted salary will be considered subject salary. Read more details on this bill here.