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Pension benefits are provided to you when you are employed in a qualifying position. As an eligible academic or academic administrative employee of the Oregon Public Universities you will have a choice between two employer-paid pension programs.
PLEASE READ CAREFULLY – DISCLAIMER
The information on this website and in the ORP Decision Making Guide provides an overview of the OPSRP/PERS and the ORP. The descriptions of OPSRP and PERS benefits are based on Oregon Public Universities Retirement Plans' (OPURP) and PERS’ understanding of applicable legislation, as amended and as affected by judicial decisions. 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 this website or the guide and the official plan documents of the ORP and Oregon state law regulating OPSRP/PERS, the official plan documents, Oregon state law, and federal regulations will govern.
Membership tier is based on an employee’s original eligibility date with an Oregon Public University or a PERS participating employer and their current membership status.
Option #1: PERS/OPSRP pension program is administered by the Oregon Public Employees Retirement System (PERS). PERS manages the OPSRP pension, PERS pension, and the Individual Account Program (IAP) for eligible public employees. Investment of the program funds are managed under the direction of the Oregon Investment Council for the Oregon State Treasury. The program has two components:
*Employees that are not subject to Oregon taxes (includes those not living or working in Oregon and Foreign Nationals), will only earn retirement credit (years of service) under the OPSRP pension program. At retirement the OPSRP pension calculation for Average Ending Salary will only include salary subject to Oregon taxes.
**Contributions begin after serving a full six month waiting period in a qualifying position. July 1, 2020. For PERS 0.75% of 6% IAP for OPSRP is re-directed to a PERS EPSA account to support employee's future pension. For PERS Tier 1 and 2 a total of 2.5% is re-directed to a PERS EPSA account to support the employee's future pension.
Option #2: Optional Retirement Program (ORP) is administered by Oregon Public University Retirement Program (OPURP) through Fidelity Investments or TIAA. This program is a defined contribution plan and is participant-directed (you select the investments). Your account is credited with earnings/losses based on your investment returns. At retirement, you will work directly with TIAA or Fidelity to withdraw, roll, or take distributions from your account. Does not provide a guaranteed lifetime benefit. ORP Tier 4 benefits (employees hired on or after July 1, 2014) are:
If you are an Oregon PERS member at the time of hire, your ORP tier may be the same as your PERS tier. Contact the Office of Human Resources (541-737-2805) for tier placement.
Important Note about Contribution Limits: The ORP is a Defined Contribution Plan and is subject to IRS limits on contributions. The current IRS limits can be found in the ORP Plan Highlights. Contributions made to the Tax-Deferred Investment (TDI) 403(b) Plan are subject to limits of that plan. When planning your TDI contributions, pay careful attention to the limits applicable to the TDI Plan. ORP Employer Match contributions will only be paid on a per-pay-period frequency based on TDI contributions made during that month. (e.g. you will receive ORP Employer Match contributions only if you make a TDI contribution during the month.)
If you are a current PERS member, this is your one-time irrevocable choice to remain a PERS member at your current tier (for university service) OR to transfer to the Optional Retirement Plan (ORP) program. Your ORP Tier will be Tier 1, Tier 2, or Tier 3, if you are a current PERS member and your membership was established with another PERS employer OR you were employed by OSU in a retirement eligible position prior to July 1, 2014. Any vested OPSRP member who elects to transfer their PERS IAP account to ORP, whether vested or not-vested, will forfeit any rights they may have to an OPSRP pension.*
*Effective July 1, 2020 (ORS 243.815(6) - An administrative or academic employee who elects to participate in the Optional Retirement Plan, and who is a vested member of the pension program of the Oregon Public Service Retirement Plan as described in ORS 238A.115 on the date that the election becomes effective, shall be considered an inactive member of the pension program by the Public Employees Retirement Board as of the effective date of the election. A member who is subject to the provisions of this paragraph retains all the rights, privileges and options of an inactive member of the pension program, unless the member makes a written request to the Public Employees Retirement Board for a transfer of the amounts credited to the member accounts of the member established under ORS 238A.350 and 238A.353 to the Optional Retirement Plan. The request must be made at the time the member elects to participate in the Optional Retirement Plan. Upon receiving the request, the Public Employees Retirement Board shall transfer the amounts credited to the member accounts of the member established under ORS 238A.350 and 238A.353 directly to the Optional Retirement Plan in the manner provided by subsection (7) of this section, and shall terminate the membership of the employee in the Public Employees Retirement System.
PERS OPSRP to ORP Transfer information is provided for your convenience only. For complete details, please contact PERS and/or the ORP Plan Administrators. Handout compiled from information provided by the ORP Plan Administrators and PERS. Any errors, if any, are unintentional.
Disclaimer: Information may change as the result of administrative, legislative or judicial decisions.
*Contributions begin after serving a full six month waiting period in a qualifying position. July 1, 2020. For PERS 0.75% of 6% IAP for OPSRP is re-directed to a PERS EPSA account to support employee's future pension. For PERS Tier 1 and 2 a total of 2.5% is re-directed to a PERS EPSA account to support the employee's future pension.
PERS Programs (Tier 1, Tier 2, OPSRP, IAP)
Optional Retirement Plan (ORP) - Tier 1, Tier 2, Tier 3, Tier 4