Check here for announcements about our plans, as well as new documentation, tools from our providers, and more.
2024 Updates for Participants
- Important Information for Corebridge Participants: Transition Guide (Blackout Period Notice)
- Important SAVI updates for 2024 — take action by April 30, 2024!
- 2024 Universal Availability Notice (PDF)
2023 Updates for Participants
- 2023 Universal Availability Notice (PDF)
- 2023 Contribution Limit Changes (PDF)
- Solicitation Emails Regarding Retirement Counseling
- It has come to our attention that some university employees have received solicitation emails from various companies offering their services for retirement counseling.If you received a communication from a vendor other than one of our record keepers offering assistance with retirement plans, please be advised that these companies have no relationship with Oregon Public Universities Retirement Plans (OPURP), PERS, or any of the fund sponsors (Fidelity, TIAA, Corebride or OSGP).OPURP neither endorses nor recommends these services; therefore, if you receive emails offering assistance with your retirement plan that seem questionable, please let your benefits department know.
2022 Updates for Participants
- Student Loan Forgiveness and Savi — Open to all Oregon Public University Employees
- What if you could substantially reduce your student debt? Savi may be able to help you. OPURP has partnered with Savi and TIAA to give you access to a powerful tool that helps strengthen your financial footing in the short term, and helps position you for student loan forgiveness. Perks of the program include:
- Caps your payment based on your income and more
- Frees up funds that can be directed towards other goals
- Removes the complexities of forgiveness
- PERS? TIAA? Fidelity? This assistance is available to all Oregon public university employees and family members, regardless of which retirement plan you have selected. Visit the OPU Savi Website today to find out more.
- Limited PSLF waiver Time-limited, ends October 31, 2022
- The “limited PSLF waiver” offers a time-limited opportunity that lets borrowers receive credit for payments that would otherwise not qualify for PSLF. But hurry, this opportunity ends on October 31, 2022. Learn more about this option at: https://studentaid.gov/announcements-events/pslf-limited-waiver.
- What if you could substantially reduce your student debt? Savi may be able to help you. OPURP has partnered with Savi and TIAA to give you access to a powerful tool that helps strengthen your financial footing in the short term, and helps position you for student loan forgiveness. Perks of the program include:
- Online Cyber Security Tips to Help Protect Your Retirement Account Against Fraud and Loss
- Employee Benefits Security Administration United States Department of Labor (PDF)
- 2022 Universal Availability Notice (PDF)
- Adoption/Birth Distribution for TDI Participants (PDF)
2021 Updates for Participants
- Seven Great Reasons For Staying With the Oregon Public Universities Retirement Plans (PDF)
- 2021 Universal Availability Notice (PDF)
- 403(b) and 457(b) Comparison (PDF)
2020 Updates for Participants
- PERS Members: Instructions on How to Make an IAP Target Date Fund Election. This decision must be made before September 30, 2020 in order for the change to take place on January 1, 2021.
- NEW – 403(b) Voluntary Savings form (Electronic Signature) for University of Oregon Employees Only
- NEW – Schedule a TIAA Phone or Web Financial Counseling Session
- 2020 Universal Availability Notice (PDF)
- Required Minimum Distributions (RMD) Q&A (PDF)
2019 Updates for Participants
- New Fidelity Fund–Fidelity will be adding the Fidelity Freedom Index 2065 fund to the current line-up on or about September 27, 2019. This fund is geared towards those born after 1/1/1998. For more information, please read the Fund Description (PDF).
- 2019 Universal Availability Notice (PDF)
- AIG (VALIC) 2019 Mutual Fund Mapping Information (PDF)
- 2019 Universal Availability Notice_Spanish (PDF)
2018 Updates for Participants
- RPM’s Retirement Expo at the University of Oregon was a resounding success. An announcement will be made in 2019 for similar events at other OPURP campuses when planning has begun.
- IAP Accounts to be Invested in Target Date Funds. For all the details, please see the PERS Announcement (PDF).
- Post-Doctoral scholars eligibility for the ORP has changed. See our new guide for more information here:
- To view the Post-Doctoral scholar update from the legislature, you can review Senate Bill 214.
- 2018 Contribution Limit Changes (PDF)
- VALIC 2018 Update for Participants (PDF)
2019 PERS Bills – Update
2018 PERS Bills – 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 (PDF). More information should be available from PERS in the coming months. Retirement Plans Management will update you accordingly.
NOTICE:
It was recently determined by Oregon State Treasury that HB 4159 cannot be implemented as drafted, and they have recommended that PERS engage its outside counsel and the Department of Justice:
- To determine how to develop a plan implementing IAP choice in a manner that is consistent with applicable law and fiduciary concerns.
- To ensure that any communications to participants related to IAP choice address the appropriate legal requirements, including any necessary disclosures.
Treasure has also recommended that PERS sponsor the necessary legislative changes with Treasury assisting. Therefore, according to a memo in the June 1, 2018 PERS Board packet, it states that PERS does not have the authority to move forward with the January 2019 implementation date to allow participants to change their Target Date allocation, but that a legislative remedy may be introduced in 2019.
To summarize: PERS members are going to remain in the Target Date Fund in the IAP they are currently in, a fund that is most closely associated with the year they turn 65, and they are unable to move those funds into another Target Date Fund at this time.
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 Senate Bill 1561.
- 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 House Bill 4131.
- 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 House Bill 4070.
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 Senate Bill 214.
- 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 Senate Bill 201.