The PERS annual Member Satisfaction Survey is coming next month. Share your feedback and help PERS, the agency, improve our member services.

Starting May 1, you can complete the survey online. PERS will send a reminder about the survey once it's available.

You will have until May 31 to complete the online-only survey.

Any changes you made to your Individual Account Program (IAP) target-date fund (TDF) by September 2023, took effect on January 1, 2024, and you cannot make any new changes in Online Member Services until the next Member Choice window in September 2024.

Changes that took effect in January will not be reflected on the member annual statement you receive this spring because the cut-off date for account information that goes into your statement was December 31, 2023. You will see January 2024 changes on your spring 2025 statement.

Find full information about Member Choice on the IAP target-date funds​ webpage.

If you earn more than the annually adjusted monthly salary threshold, a portion of your 6% IAP contributions is now redirected into your Employee Pension Stability Account (EPSA). EPSA contributions and earnings from 2023 will be shown on your 2023 member annual statement, which you will receive in spring 2024. The redirect to EPSA remains in effect when the PERS system is less than 90% funded*.

To offset the redirect, you can opt to make a post-tax 0.75% voluntary contribution to your IAP or consider increasing your retirement savings elsewhere, such as with the Oregon Savings Growth Plan (OSGP). Remember that you can begin or end voluntary IAP contributions by logging into your Online Member Services (OMS) account.

Find full information about Member Redirect on the IAP redirect webpage.

*The latest actuarial valuation shows that PERS’ funded status including side accounts was 79% as of December 31, 2022.

In January 2024, the limit on subject salaries used in benefit calculations increased to $232,976* per year. 

PERS uses subject salaries to determine member IAP contributions, employer contributions to fund the pension program, and the final average salary for calculating retirement benefits under formula methods.

If you plan to retire in the first few months of 2024, be aware that salary limitations also apply to working partial years. Read more about Senate Bill 1049 salary limits and partial year salary limits online.

*Indexed annually to the Consumer Price Index

If you are no longer working for a PERS-participating employer and considering whether to withdraw your Individual Account Program (IAP) balance, read our webpage about OPSRP withdrawals first. 

Since July 1, 2020, withdrawing an IAP balance will result in the loss of OPSRP membership. That means you forfeit your rights to all future PERS benefits — including your pension.

You will not be paid any pension benefits in retirement nor the actuarial equivalent of your pension when you withdraw. You will only receive the balance of your IAP (and Employee Pension Stability Account, if applicable).

You also will lose all of your accrued OPSRP retirement credit, and you will not have the option to restore it at a later date.

Your retirement future is up to you. How you plan and save for your retirement can determine your retirement security.

To check whether you’ll have the money you need for a secure retirement, begin by gathering benefit estimates for your retirement accounts and Social Security. Two available estimation tools are:

• OPSRP pension — Log into Online Member Services (OMS), and click the "Benefit Estimate" link to get started.
• Social Security — Use the federal Social Security Administration’s online benefits calculators.

Add up your estimates and compare your total to what financial experts say you’ll need when you retire: 80% of your working income.

If your total estimate falls short, you may consider saving additional money in other retirement accounts.

One option for saving more is the Oregon Savings Growth Plan (OSGP). OSGP offers both pre- and post-tax retirement savings options and various free educational workshops. Check with your employer to see if OSGP or other voluntary retirement savings options are available to you.

Preparing for retirement requires many steps — from estimating whether you’re saving enough to designating beneficiaries as applicable to your membership type.

Something else to plan for is who will act on your behalf in the event of severe illness or death. Check out these resources:

• Authorization to Release Account Information* — This form will allow you to name other parties who can receive information about your PERS benefits, including account balances and benefit estimates.

• Special Power of Attorney for PERS* — This form will allow you to designate others who can make decisions about your PERS benefits on your behalf. 

Also be aware that when you die, a family member, beneficiary, or caregiver must notify PERS. More information about member deaths and death benefits is available on the PERS website.

*Note that the account information release and special power of attorney (POA) forms are only valid while the member is alive. You can cancel the release and special POA at any time.

As you ponder your future retirement, don’t forget about health care.

Many public employees have the majority of their health insurance costs covered by their employers while they are still working. In some cases, employers may cover up to 99% of medical, dental, vision, and basic life insurance premiums. When you stop working, the cost of your insurance coverage will rest solely with you. 

Depending on your age and other factors at retirement, you may or may not yet be eligible for Medicare coverage. Even when you are eligible, Medicare does not cover all health care costs, and you may wish to have supplemental coverage to bridge the gap.

Once you become a PERS retiree, several health insurance options will become available to you through the PERS Health Insurance Program (PHIP). PHIP offers Medicare and non-Medicare plans, as well as dental options.

Visit the PHIP website or call 800-768-7377 for more information about the program.

Additional information about health care coverage and costs

• Some industry estimates say the average health care costs in retirement amount to hundreds of thousands of dollars. 
• Estimator tools can help you explore possible health care costs. Fidelity, a financial services corporation, offers one such tool. This tool is for general information only and not a guarantee of future costs. 
• If you have questions about Medicare, check out the Oregon Senior Health Insurance Benefits Assistance (SHIBA) program. SHIBA offers certified, local counselors who can help.

Are you planning to retire in the near future? Don’t wait until the last minute to prepare.

Check out these helpful resources from PERS to get ready:

• Review PERS’ OPSRP steps to retire webpage and follow the instructions.
• Attend an education session, which are available to you throughout your career.
• Schedule a retirement application assistance session (RAAS).
• Get a written benefit estimate when you are within 24 months of being eligible to retire; the form to request a written estimate is available online. You also can create estimates online earlier through your Online Member Services (OMS) account.

Also, keep the following important points in mind:

• Retirement applications may be submitted to PERS within 90 days of your retirement day.
• It can take up to 92 days from your retirement date (not the date of your application submission) for your first pension benefit to be paid.
• Once PERS receives your application, we will review your account information and reconcile data with your employer(s) as needed. Data discrepancies can sometimes cause your finalized benefit amount to differ from benefit estimates you received earlier. Remember that benefit estimates are just that — estimates.
• Filling out your application correctly, checking your personal information in OMS or on your member annual statement, requesting benefit estimates, and responding to requests from PERS for additional information can help you avoid delays in the processing of your application. If you are working for a PERS-participating employer and find errors in your personal/account information, contact your employer for corrections. If you are not working for a PERS-participating employer, read the inactive member section on our Change your address webpage for instructions.
• Individual Account Program (IAP) retirement benefits can typically take from 90 to 120 days to process and complete payments or rollovers. Processing is done both by PERS and Voya, which administers IAPs for PERS.

If you have questions, contact Member Services for assistance.

By Tobias Read
Oregon State Treasurer

Earlier this year, Oregon State Treasury released its plan for transitioning the Oregon Public Employees Retirement Fund (OPERF) to a net-zero carbon emissions portfolio by no later than 2050.

Guided by our responsibility to beneficiaries of the state retirement system, my team and I worked to develop a responsible net-zero transition plan for OPERF that will allow the fund to continue to deliver strong returns for members now and in the future.

Recognizing the importance of taking action to address the investment risks related to the global climate crisis, our goal during the plan’s development was to position the pension for the future.

Treasury has long been on a path to better understand and act on the risks of climate change, both through public-facing efforts as a responsible investor and in the behind-the-scenes work our staff engages in daily while managing our investment portfolio.

This plan came together thanks to the tireless and sincere engagement of people inside and out of Treasury.

We took several steps to identify the best strategy to move the portfolio to net zero by 2050, including:

• Developing guiding principles that put PERS members first.
• Completing a thorough analysis of OPERF to establish baseline emissions measurements.
• Exploring the feasibility of different pathways to decarbonize the portfolio.
• Engaging with PERS members, such as through our pension feedback survey last year.

I want to again extend my appreciation to PERS members who participated in our survey. Your time and responses provided our team at Treasury with valuable feedback.

Over the next several years, Treasury plans to begin implementing emission reduction strategies, while maintaining target returns and avoiding portfolio disruptions.

I invite you to visit the Treasury website to read more about the net-zero transition plan on our Sustainable Investing webpage.

By Oregon State Treasury

Oregon State Treasury invited PERS members last year to complete an online survey about Treasury’s management of pension fund investments.

With cooperation from PERS, the agency, and direct outreach from Treasury, the survey was shared with thousands of active and retired PERS members from state and local governments across Oregon.

This engagement effort yielded more than 5,800 responses* — providing insights into members’ investment preferences, overall understanding of our state’s pension system, and interest in learning more about how Treasury manages your retirement funds. 

Obtaining PERS members’ feedback was a core component of Treasury’s efforts to develop and implement a responsible net-zero transition plan for the Oregon Public Employees Retirement Fund (OPERF).

The plan was published earlier this year on the Treasury website.

Survey highlights include:

• “Manage short- and long-term risks to investments to generate sustainable investment returns” was chosen by more than half of survey takers as the most important aspect of how Treasury manages PERS members’ retirement savings.
• About a third of survey takers said they wanted Treasury’s management to generate the highest possible investment returns for current and future retirees.
• More than half of survey takers who responded to the question “Should Oregon continue to encourage companies [in which OPERF is invested] to consider long-term risks of climate change in their business decisions?” answered “yes.”

Treasury looks forward to continuing to provide updates in the future about its investment practices and the management of your retirement savings.

(*61% of survey responses came from nonretired members and 39% from retired members.)

The Oregon Public Employees Retirement Fund (OPERF) earned 5.98% in investment returns for 2023. 

However, annual earnings credited to member accounts will be different than this rate. They differ because of administrative expenses and various requirements set by state law, administrative rules, and PERS Board actions.

The board approved the 2023 annual earnings crediting to member accounts at its April 1, 2024, meeting. You can find the rates credited to various accounts on the 2023 earnings crediting webpage. The accounts include Tier One/Tier Two regular accounts, the Individual Account Program target-date funds, and Employee Pension Stability Account.

The 2023 earnings credited to your accounts will be reflected in your upcoming 2023 member annual statement. You should receive this statement by the end of May.

OPERF is managed by Oregon State Treasury under the direction of the Oregon Investment Council (OIC).

PERS will not make unsolicited calls to you and will never ask you for account login or financial information.

PERS will only contact you in response to a request you made, a form you submitted, or another action you took. If you are unsure whether someone contacting you is from PERS, call Member Services directly at 1-888-320-7377 to check.

Read more on our Protect yourself from fraud webpage.