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In this issue

New way to prioritize emails from PERS • How to print this newsletter (or save as PDF) • New and updated employer resources • Preliminary earnings crediting rates
• What is the PERS Employer Advisory Group? • Update to Employer Rate Projection Tool
• Upcoming events • EDX tip: downloading your invoice

Employer reporters

New way to prioritize emails from PERS

Starting this month, you can quickly identify the subject and urgency of emails from PERS regarding your employer account.

All email subject lines include: − PERS employer number. − Last name of employee. − Employee PERS ID. − The priority or action required, such as: No action. Action required. Response needed. Question. − The issue (as needed), such as: Missing wages. Employment question. Due date.

Samples

PERS ER 06000 JONES A10101 Action Required/Missing Wages DUE 2/21

PERS ER 06000 JEFFERSON 101010 ACTION REQUIRED/retiree not terminated/URGENT

Employer reporters

How to print this newsletter
(or save as PDF)

PC: At the top of the newsletter, click View as Webpage. When it opens in your browser, scroll down to the first article and right-click in the text. Choose Print … In the Print dialog box, choose a printer destination or “Save as PDF.”

Mobile phone: At the top of the newsletter, click View as Webpage. When it opens in your browser, select the Share icon. Then follow your device and browser instructions for printing or saving as PDF.

Mac: Same as PC. If you do not have a mouse or separate right click button, press Ctrl while you click on the newsletter text to bring up the dialog box.

Employer reporters

New and updated employer resources

New resources

Employer announcement 104, “Deadline to Make Changes to a Retiree’s Account.” On January 1, 2024, House Bill (HB) 2283 established a deadline for making changes to a retiree’s pre-retirement account.

Employer reporting guide 26, Understanding Your Statement. Explanations of the charges and credits listed in each section of your monthly statement. Employer reporting guide 27, Paying Your Invoice. How to pay your invoice through Automated Clearing House (ACH).

Updated resources

Employer reporting guide 1, Overview of PERS. Updated to reflect 2024 legislation.   Employer reporting guide 2, Employer Requirements and Support. Updated to fix a broken web link, increase clarity. Employer reporting guide 8, Hiring a PERS Retiree. Updated to reflect 2024 legislation, clarify rules for placing a working retiree on leave, and add instructions for hiring a nonbinary-gender employee.   Employer reporting guide 11, Reporting a Leave. Updated to clarify rules for reporting a working retiree as on leave. Employer reporting guide 20, Creating a DCR. Updated to fix a broken link and clarify the explanation of the Contract No. of Months field on a Detail 1 record.

Financial professionals

Preliminary earnings crediting rates

Below are the preliminary earnings crediting rates for the different PERS’ funds for 2023. Earnings crediting is an annual process of adding the amount of interest earned (or deducting the amount lost) to the various reserves within the Oregon Public Employees Retirement Fund, based on the accounts’ totals on December 31. The rates will be finalized and applied to accounts in April.

Why earning/loss rates are different for each fund

Oregon law dictates the earning/loss rate of each fund.

Tier One accounts receive earnings of 6.90%, regardless of actual earnings or losses. If actual earnings are less than 6.90%,  as they were in 2023, the Tier One Rate Guarantee Reserve account funds the difference between actual earnings and the 6.90% credited to Tier One Regular Accounts and Judge Member Accounts.

The Individual Account Program (IAP) rate of 6.72% represents the overall rate for the IAP program.

Variable Annuity accounts are credited with earnings or losses on their distinct asset allocation of the PERS Fund.

The remaining accounts are allocated a proportional share of available PERS Fund Regular Account earnings, which have a preliminary rate of 5.53%.

PERS costs for administering earnings crediting are funded by earnings when they are sufficient, which they were in 2023.

Preliminary vs. final earnings crediting

Preliminary earnings crediting rates are presented at the first PERS Board meeting of the year and reflect earnings or losses as of December 31.

Final earnings crediting rates are usually presented at the second board meeting of the year and capture “in-flight” changes that were still processing during preliminary earnings crediting. These changes may affect final earnings crediting rates.

Final earnings crediting is scheduled for the April 1 board meeting this year. Final rates will be published in the May Employer News.

Find information about past and future board meetings on the PERS Board Information webpage. 

All employer roles

What is the PERS Employer Advisory Group?

Employers have a voice with PERS through the Employer Advisory Group (EAG). 

The EAG was created by PERS’ leadership in January 2015 to provide an employer perspective on PERS agency policies that affect PERS-participating employers. The group is made up of representatives from seven employer associations, shown in the image below. 

PERS holds quarterly meetings with the EAG, which are open to any PERS-participating employers who would like greater insight and input into PERS’ policies and employer services. Information about future meetings and minutes of past meetings are provided on the EAG webpage.

EAG achievements

EAG requested changes to the format of actuarial valuation reports to make them easier to read and understand. Improvements include:

• More information about existing rates to allow easier comparison with new rates.
• Additional side account information to allow better forecasting of future contribution rates.

Requested that PERS add employer statement download functionality to EDX (launched on February 16).

Reviewed recommended changes to rate collar methodology (adopted in 2022).

Provided input on the Oregon Public Service Retirement Plan (OPSRP) and Individual Account Program (IAP) First-Wage Clean-Up (OIFWC) project.

Learn more

Upcoming meetings

EAG Charter

History of EAG, page 32 of PERS History

EAG member responsibilities

Attend quarterly virtual meetings. Meetings begin with a presentation from PERS on topics relevant to employers.

During meetings, provide feedback on PERS policies, employer services, employer processes, or employer tools.

Share what they learn at the meetings with the employers they represent.

Have a general understanding of the laws that govern PERS.

Assist PERS teams by taking surveys, testing software functionality, and providing feedback.

Do you want to have a topic discussed at an EAG meeting?

Check the EAG member list to contact your association’s representative.

Financial professionals

Update to Employer Rate Projection Tool

On March 19, the Employer Rate Projection Tool (ERPT) will undergo an update. The update will add a new calculation to your ERPT Extract file: estimated new side account rate-relief percentages. The update will also improve readability of your projection results.

The ERPT will be unavailable for about two hours while the update is being completed.

Financial professionals, new employer reporters

Upcoming events

Tuesday March 12, Oregon Government Finance Officers Association Spring Conference, Breakout Session: “GASB 68 and 75 Reporting for PERS Employers.”

Wednesday May 8, the first session of the new Employer Service Center Beginner Training. Registration information will be announced in April.

Employer reporters

EDX tip: downloading your invoice

If you missed the announcement about the new functionality in EDX for downloading your invoice into an Excel file, you can read the instructions in employer reporting guide 26, Understanding Your Statement.

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Need help?

Contact the Employer Service Center for questions and one-on-one reporting help.