Retirement Eligibility

  • PERS Tier 1 & Tier 2 Members (hired and/or became PERS member prior to August 23, 2003)
  • PERS OPSRP Members (hired and/or became PERS member on or after August 23, 2003)
  • Optional Retirement Plan (ORP) – Normal Retirement Age is age 58, effective January 1, 2015.  Normal Retirement Age allows you to take distributions from your pension account without being subject to the IRS early withdrawal penalties.  If you retire and/or leave University employment prior to age 58, you may leave your funds in your ORP account, rollover your account balance to a qualifying retirement account (not subject to early withdrawal penalties), or take a distribution (may be subject to early withdrawal penalties).

 

Disability Retirement Pension/Distributions

If you become totally disabled due to an injury or illness and are no longer able to work, you may be eligible to receive a disability retirement pension (PERS members) or take distributions from your ORP pension account (ORP members).

 

Accrued Leave at Retirement

  • Classified Employees
    • Sick Leave – is not paid out.  For PERS Tier 1 & Tier 2 members, the balance is reported to PERS at termination/retirement.
    • Vacation – Balance is paid out up to the accrual limit of 250 hours.
    • Compensatory Time (Comp Time) – Balance is paid out.
    • Exchange Time – Balance is not paid out.
    • Personal Leave – is not paid out.  Personal Leave is awarded in July each year.  If you terminate employment/retire prior to working 1040 hours in the fiscal year (July – June), the value of any used Personal Leave may be recovered when you terminate/retire.
  • Unclassified Employees
    • Sick Leave – is not paid out.  For PERS Tier 1 & Tier 2 members, the balance is reported to PERS at termination/retirement.
    • Vacation – Balance is paid out up to 180 hours (accrual limit is 260 hours).
    • Compensatory Time (Comp Time) – Balance is paid out.

 

PERS Applications

Call PERS at (503)-598-7377 or (888) 320-7377 to request a retirement packet (forms and Pre-Retirement guide) or you can download the forms and guide directly from their website at:

 

ORP & Retirement

Optional Retirement Plan vested benefits are available for distribution or rollover when an employee leaves Oregon public universities employment. An employee who has reached the normal retirement age of the plan (age 58) or who is participating in a formal retirement incentive program - such as (but not limited to) tenure relinquishment at separation - becomes a retired participant by meeting certain criteria. A retired participant’s eligibility criteria, distributions and rehire provisions are outlined in ‘How Retirement Affects your ORP Account' ORP & Retirement

Work directly with your ORP plan sponsor/provider to take distributions or to rollover your account:

 

TDI (403b) & Oregon Savings Growth Plan (457b)

Work directly with your TDI (403b) provider or the Oregon Savings Growth Plan (457b) to rollover or take distributions from your account(s):