Public Employees’ Retirement System (PERS) Updates 

***PERS Update - For Informational Purposes Only***

This information is being provided to assist employees in researching, reviewing, and evaluating how proprosed PERS reform and/or changes may impact their retirement benefits. 

Employees are responsible for researching, verifying, and evaluating how these changes and reform measures may impact them and their retirement benefits. 

OSU is NOT providing legal interpretation of the PERS reform and/or changes and cannot evaluate how these changes may impact an individual employee’s retirement benefits.

There are multiple bills that have been introduced in the 2017 legislative session dealing with retirement programs.  Below are three bills that may impact the PERS programs.  You are encouraged to research and monitor PERS legislation to determine how these changes may impact you.

To follow these bills and/or any of the other bills in currently in the Legislature, viste the Oregon State Legislative website.

To search bills - In the "Search Bills" box (right handside of page)

  • enter "retirement"
  • then refine search by selecting

 

2017 PERS Proposed Legislation - Senate Bill 309

Senate Bill 309:  Eliminates option of members of individual account program of Public Employees Retirement System to receive distributions as installment payments upon retirement.  Requires members retiring on or after January 1, 2019, to receive distributions as lump sum.  [PERS Tier 1, Tier 2 and OPSRP]

 

2017 PERS Proposed Legislation - Sentate Bill 559

Senate Bill 559:  Changes calculation of final average salary for purposes of Public Employees Retirement System to use five years of salary instead of three years, for salary paid on and after January 1, 2018.  Directs Public Employees Retirement Board to recalculate employer contribution rates to reflect savings attributable to Act. Provides for expedited review of Act by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage. [PERS Tier 1, Tier 2 and OPSRP][Full Formula or Full Formula+Annuity]

 

2017 PERS Proposed Legislation - Sentate Bill 560

Senate Bill 560:  Redirects employee contributions made by member of system from individual account program to account to be used to pay for member's pension or other retirement benefits accrued on or after January 1, 2018.  For years beginning in 2018, caps at $100,000 annual salary used to calculate final average salary for purposes of Public Employees Retirement System. Directs Public Employees Retirement Board to recalculate employer contribution rates to reflect savings attributable to Act. Provides for expedited review of Act by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage. Excludes Judges from the $100,000 limit. [PERS Tier 1, Tier 2 and OPSRP] [Average Ending Salary: Full Formula or Full Formula+Annuity][IAP: all plans]

 

RESOURCES

 

HOW TO CALCULATE YOUR PERS PENSION BENEFIT

  • Request written estimate:
    • Form
    • Use the written benefit estimate request if your pension estimate needs to be processed by the PERS divorce unit
    • Maximum vacation payout for an Unclassified employee is 180 hours
    • OSU does participate in the PERS sick leave program
    • Retirement date is always the first of the month, regardless of last day worked
    • ORP members –
      • use salary data from date last in a PERS position
      • use sick leave balance at the time membership changed from PERS to ORP (i.e., 1996)
      • do NOT use a vacation balance because unused vacation (if applicable) was not paid out when you changed to the ORP pension program
  • Fax (503-598-0561) or mail form directly to PERS
  • PERS processes request in the order of retirement date (not in the order requests are received).  Recommend using the earliest retirement date possible.
  • Online Pension Estimate
    • >click on Online Member Services
    • > Select “Log In”
    • >"Open a New Account" and then login. 
    • > You're now on the Account Home Page. 
    • > Scroll down and click on "Member" in the "Account Plan" section, you are now on the Account Summary Page.
    • > Click on "Benefit Estimate" (on the left hand side of the screen)
    • > Click on "Create a New Benefit Estimate", the system will ask a series of questions (i.e., retirement date, beneficiary, etc.)