PERS SB 1049 Update: New Animated Videos to Explain July 1 IAP Redirect

Oregon Public Employees Retirement System sent this bulletin at 04/01/2020 09:00 AM PDT

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April 2020

You received this email because you signed up through GovDelivery for Senate Bill 1049 updates. Review your GovDelivery subscriptions here.

Questions about COVID-19 and PERS? Read our statement on COVID-19 and agency mitigation measures. PERS staff are working to ensure the priority work and mission of the agency continues and are available during regular business hours via phone and email.

Note that the active (nonretired) member editions of the April 2020 Perspectives newsletters are being finalized and will be sent in the coming weeks to GovDelivery subscribers opted into "Tier One/Tier Two Member News" and "OPSRP Member News." Additional details and educational information about SB 1049 will be included in those newsletters.

Senate Bill 1049: New educational videos

Oregon PERS has created new, animated videos to help explain some of the upcoming changes due to Senate Bill (SB) 1049.

These changes do not impact retired members, nor "inactive" members (those not currently working for a PERS-participating employer).

If you are currently employed by a PERS-participating employer, and make $2,500 a month or more:

  • Starting July 1, 2020, due to SB 1049, a portion of your 6% Individual Account Program (IAP) contributions (whether made by you or your employer) will be redirected to a new "Employee Pension Stability Account."
  • The amount that will be redirected depends on when you were hired.

Be sure to read full information on the PERS website and watch the new, animated videos that pertain to you:

Hired before August 29, 2003:

Tier One/Tier Two

Hired after August 28, 2003:

OPSRP

New animated videos

Our two new videos aim to explain:

1. The two parts to your future PERS retirement: your pension and your IAP

Screenshot of the PERS animated video "Two Parts to Your PERS Retirement"

2. What is changing with your IAP under SB 1049, starting July 1, 2020

Screenshot of the PERS video "What is Changing with Senate Bill 1049?"

Have questions? Need help?

We understand PERS is complex and these changes may seem confusing.

Our PERS Member Services representatives are available Monday through Friday, from 8:30 a.m. until 5 p.m., Pacific Time, via phone and email, to answer your questions.