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Pension benefits are provided to you when you are employed in a qualifying position. The pension program is administered by the Oregon Public Employees Retirement System (PERS), which determines the plan available to you.
Your public employee pension plan has two components: 1) OSPRP Pension or the PERS Pension program and 2) the Individual Account Program (IAP). PERS manages the OPSRP pension, the PERS pension, and the Individual Account Program (IAP) for eligible public employees. Participation in the pension program (OPSRP, PERS) is based on an employee’s original eligibility date with a PERS participating employer and their current membership status.
The OPSRP and PERS component of the pension program is a defined benefit plan and is funded by OSU and provides a lifetime pension benefit.
The IAP component of your pension program is a defined contribution plan and is funded by contributions of 6% of your subject salary. OSU pays the 6% contribution for you. Your account is credited with earnings/losses annually based on investment returns. At retirement, the funds can be withdrawn as a lump-sum payment or in installments. It is not a lifetime benefit.
The information on this website is an overview of the OSPRP/PERS and IAP programs. The descriptions of OPSRP and PERS benefits are based on OSU’s and PERS’ understanding of the 2003 and subsequent legislation, as amended and as affected by judicial decisions, as of the date of this material. Certain aspects of 2003 PERS legislation are or will be the subject of legal challenges. In addition, PERS regularly adopts administrative rules to implement legislative changes. The descriptions of OPSRP and PERS benefits are therefore subject to modification and/or clarification by new legislation, court decisions, and PERS’ administrative rulemaking. In case of conflict between the information on this website and Oregon state law regulating OPSRP/PERS, Oregon state law, and federal regulations will govern.
Is a position that is expected to complete the six month waiting period and is expected to work at least 600 hours in the calendar year.