Human Resources
Voluntary Retirement Accounts (Available for All Employees)
All SOU employees (excluding students) have the opportunity to voluntarily contribute to retirement savings plans through regular monthly payroll deductions, which can be started, stopped, or changed at any time (no waiting period required). Employees may contribute to both of the below listed voluntary retirement savings plans. A quick comparison between the two plans can be found on the Oregon Public Universities Retirement Plans (OPURP) webpage (who administer the TDI 403b):
Oregon Savings Growth Program 457 (OSGP)
Oregon Savings Growth Program 457 (OSGP) is available through the State of Oregon. Employees can save on a pre-tax and/or post-tax (Roth) basis with a fixed dollar amount contribution. Investments are managed by the Oregon Investment Council and members pick investment types while enrolling in the plan, which may be modified at any time. Enroll online at GrowYourTomorrow.com. (Elections take effect in the following month’s payroll unless made in the last week of the month, which will take effect two months out.)
- Check out PERS educational videos on the PERS Vimeo page.
Tax-Deferred Investment 403b (TDI)
Tax-Deferred Investment 403b (TDI) is available through the Oregon Public Universities Retirement Plans (OPURP). Employees can save on a pre-tax and/or post-tax (Roth) basis with a rate or percent contribution. TDI participants may choose mutual fund and annuity investment programs through either TIAA-CREF or Fidelity Investments. To enroll, complete the Voluntary Savings Form (form may not load in all browsers) and return it to Human Resources for processing (DO NOT EMAIL, to digitally submit to HR, upload to the HR Secure Inbox). Contributions may be stopped by submitting a Voluntary Savings Form with zero percent contributions entered. (Elections submitted by the 10th of the month are guaranteed for that month’s payroll.)
- Check out the most recent TDI Newsletter from OPURP here.
- Read the OPURP Fee Policy statement here.
- Review the Annual Availability Notice here.
- Members enrolled with Fidelity can log into the Fidelity member portal to view account balances. Contact Fidelity if you are having issues logging into their member system.
- Members enrolled with TIAA can log into the TIAA member portal to view account balances. Contact TIAA if you are having issues logging into their member system.
Mandatory Retirement Accounts
Mandatory retirement requires eligibility to be met first, which is determined by working in a qualified position for at least six full months at half-time or greater. Classified employees who qualify are placed in PERS. Unclassified employees who qualify make an election between PERS or the ORP.
State Retirement for Classified Employees
Employees in a Classified position that have met eligibility are automatically placed in PERS (Public Employees Retirement System) in the newest tier OPSRP (Oregon Public Service Retirement Plan). The OPSRP tier is a defined benefit, in the form of a pension, plus an Individual Account Program (side cash account). Pension vesting requires 5 years of service with at least 600 hours worked per year (including all PERS employment). Pension benefit at retirement is determined by years of service and the highest of three years gross salary. The Individual Account Program (IAP) is vested immediately and available for lump-sum distribution or dispersed payment options. The normal retirement age for PERS/OPSRP is 65 (employees who age over the normal retirement age are vested immediately).
Employees who have already qualified with a prior tier in PERS may be eligible to be enrolled in that tier and may also be eligible for contributions to start upon hire.
- Check out the most recent PERSpectives Newsletter here and PERS educational videos on the PERS Vimeo page.
- Members enrolled in PERS can log into the PERS Online Member System (OMS) to look at general PERS member info and to use a pension estimator tool. For the IAP, members will want to separately log into the IAP system to view the IAP balance. Members having issues logging into PERS systems will need to contact PERS for assistance.
State Retirement for Unclassified Employees
New Employees
Unclassified employees who qualify make an election between PERS or the ORP. If no election is made, unclassified employees default into PERS. Employees who already receive PERS or ORP contributions may qualify for contributions to start upon hire and, if eligible with a prior retirement tier, may be enrolled in that tier (new employees default into the newest tier). Retirement elections are a one-time irrevocable decision, which means for the remainder of your career if working at an Oregon University System institution, all institutions will only participate in the plan you elect or are defaulted into.
Employees working in an Unclassified position are allowed a choice between one of the following retirement plans:
- PERS/OPSRP (Public Employees Retirement System in the tier Oregon Public Service Retirement Plan) is a defined benefit, in the form of a pension, plus an Individual Account Program. Pension vesting requires 5 years of service with at least 600 hours worked per year (including all PERS employment). Pension benefit at retirement is determined by years of service and the highest of three years gross salary. The Individual Account Program (IAP) is vested immediately and available for lump-sum distribution or dispersed payment options. The normal retirement age for PERS/OPSRP is 65 (employees who age over the normal retirement age are vested immediately). Employees not living or working in the State of Oregon (not paying Oregon taxes) may not be eligible for contributions, but may accrue service time.
- Check out the most recent PERSpectives Newsletter here and PERS educational videos on the PERS Vimeo page.
- Members enrolled in PERS can log into the PERS Online Member System (OMS) to look at general PERS member info and to use a pension estimator tool. For the IAP, members will want to separately log into the IAP system to view the IAP balance. Members having issues logging into PERS systems will need to contact PERS for assistance.
- ORP Tier 4 (Optional Retirement Plan) is a defined contribution alternative to PERS for unclassified employees whose career mobility may take them outside Oregon and to other employers. The ORP is maintained by OPURP (Oregon Public Universities Retirement Programs). ORP participants select mutual funds and annuities through TIAA-CREF or Fidelity. A vested participant’s account is portable to another employer’s plan or may remain invested in the ORP if she/he leaves the State of Oregon employment. Vesting requires contributions in 5 qualifying years (employees who age over 50 are vested immediately). New members are placed in Tier Four, where SOU will match up to 4% into a TDI 403b plan (mentioned above under Voluntary Retirement).
- Check out the most recent ORP Newsletter from OPURP here.
- Read the OPURP Fee Policy statement here.
- Members enrolled with Fidelity can log into the Fidelity member portal to view account balances. Contact Fidelity if you are having issues logging into their member system.
- Members enrolled with TIAA can log into the TIAA member portal to view account balances. Contact TIAA if you are having issues logging into their member system.
For a high-level summary breakdown comparison of the above two options, please review the OPURP Guide 5 document, which lists bullet points or short comprehensive explanations about how the two plans differ. For a more detailed review of how these two plans compare, please review the OPURP Decision-Making Guide. The Retirement Election Form is required to be completed by the employee to elect either the PERS/OPSRP program tier or the ORP Tier 4 program tier.
Retirement Resources
Retirement Newsletters
- OPURP seasonal newsletters can be found on the OPURP Newsletter webpage.
- PERS seasonal newsletter, PERSpectives, can be found on the PERS Publications webpage.
CARES Act
On March 27, 2020, the United States Government passed the CARES (Coronavirus Aid, Relief and Economic Security) Act, which was intended to provide relief for individuals who were experiencing financial difficulty related to the COVID-19 crisis. Section 2202 of the CARES Act provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. More information about the CARES Act as it relates to retirement can be found on the IRS CARES Act webpage and with the resources below.
PERS and OSGP 457
The Oregon Savings Growth Plan 457 has incorporated provisions of the CARES Act with current rule amendments that include a mandatory waiver of required minimum distributions (RMD) for calendar year 2020 and a mandatory one-year delay of plan loan repayments for qualified individuals. The suspension of the RMD requirement applies to all distributions made in calendar year 2020. The delay of loan repayments applies to loan payments that would be due between March 27, 2020, and December 31, 2020, and interest will continue to accrue on the balance of the loan during this time.
PERS also evaluated the CARES Act and determined that, because the mandatory suspension of RMD applies only to defined contribution plans and PERS is a defined benefit plan, it does not apply to PERS. Therefore, PERS will continue to administer RMDs as usual. More information can be found on the PERS Adopted PERS Administrative Rules webpage.
ORP and TDI 403b
The Optional Retirement Program (ORP) and the Tax-Deferred Investment (TDI) 403b have applied applicable provisions of the CARES Act to the respective programs. Members now have access to Coronavirus Related Distribution (CRD), which will remove the 10% penalty for early withdrawal, allow members to pay back the amount distributed, and allow federal taxes to be paid over three years. Members with plan loans will be allowed to have an increase in the amount and deferment of payment. Details about these changes and the CARES Act can be found in the OPURP Summer 2020 Newsletter on the first page and on the OPURP Fall 2020 Newsletter on page 5.
State Retirement for Classified Employees
Employees in a Classified position that have met eligibility are automatically placed in PERS (Public Employees Retirement System) in the newest tier OPSRP (Oregon Public Service Retirement Plan). The OPSRP tier is a defined benefit, in the form of a pension, plus an Individual Account Program (side cash account). Pension vesting requires 5 years of service with at least 600 hours worked per year (including all PERS employment). Pension benefit at retirement is determined by years of service and the highest of three years gross salary. The Individual Account Program (IAP) is vested immediately and available for lump-sum distribution or dispersed payment options. The normal retirement age for PERS/OPSRP is 65 (employees who age over the normal retirement age are vested immediately).
Employees who have already qualified with a prior tier in PERS may be eligible to be enrolled in that tier and may also be eligible for contributions to start upon hire.
- Check out the most recent PERSpectives Newsletter here and PERS educational videos on the PERS Vimeo page.
- Members enrolled in PERS can log into the PERS Online Member System (OMS) to look at general PERS member info and to use a pension estimator tool. For the IAP, members will want to separately log into the IAP system to view the IAP balance. Members having issues logging into PERS systems will need to contact PERS for assistance.
State Retirement for Unclassified Employees
New Employees
Unclassified employees who qualify make an election between PERS or the ORP. If no election is made, unclassified employees default into PERS. Employees who already receive PERS or ORP contributions may qualify for contributions to start upon hire and, if eligible with a prior retirement tier, may be enrolled in that tier (new employees default into the newest tier). Retirement elections are a one-time irrevocable decision, which means for the remainder of your career if working at an Oregon University System institution, all institutions will only participate in the plan you elect or are defaulted into.
Employees working in an Unclassified position are allowed a choice between one of the following retirement plans:
- PERS/OPSRP (Public Employees Retirement System in the tier Oregon Public Service Retirement Plan) is a defined benefit, in the form of a pension, plus an Individual Account Program. Pension vesting requires 5 years of service with at least 600 hours worked per year (including all PERS employment). Pension benefit at retirement is determined by years of service and the highest of three years gross salary. The Individual Account Program (IAP) is vested immediately and available for lump-sum distribution or dispersed payment options. The normal retirement age for PERS/OPSRP is 65 (employees who age over the normal retirement age are vested immediately). Employees not living or working in the State of Oregon (not paying Oregon taxes) may not be eligible for contributions, but may accrue service time.
- Check out the most recent PERSpectives Newsletter here and PERS educational videos on the PERS Vimeo page.
- Members enrolled in PERS can log into the PERS Online Member System (OMS) to look at general PERS member info and to use a pension estimator tool. For the IAP, members will want to separately log into the IAP system to view the IAP balance. Members having issues logging into PERS systems will need to contact PERS for assistance.
- ORP Tier 4 (Optional Retirement Plan) is a defined contribution alternative to PERS for unclassified employees whose career mobility may take them outside Oregon and to other employers. The ORP is maintained by OPURP (Oregon Public Universities Retirement Programs). ORP participants select mutual funds and annuities through TIAA-CREF or Fidelity. A vested participant’s account is portable to another employer’s plan or may remain invested in the ORP if she/he leaves the State of Oregon employment. Vesting requires contributions in 5 qualifying years (employees who age over 50 are vested immediately). New members are placed in Tier Four, where SOU will match up to 4% into a TDI 403b plan (mentioned above under Voluntary Retirement).
- Check out the most recent ORP Newsletter from OPURP here.
- Read the OPURP Fee Policy statement here.
- Members enrolled with Fidelity can log into the Fidelity member portal to view account balances. Contact Fidelity if you are having issues logging into their member system.
- Members enrolled with TIAA can log into the TIAA member portal to view account balances. Contact TIAA if you are having issues logging into their member system.
For a high-level summary breakdown comparison of the above two options, please review the OPURP Guide 5 document, which lists bullet points or short comprehensive explanations about how the two plans differ. For a more detailed review of how these two plans compare, please review the OPURP Decision-Making Guide. The Retirement Election Form is required to be completed by the employee to elect either the PERS/OPSRP program tier or the ORP Tier 4 program tier.
If looking to retire, our Retiree Checklist can assist. It has items to complete 24 months prior to retirement, 12 months prior to retirement, and 3 months prior to retirement.
PERS
- PERS Website
- PERS Member Monthly News Letters
- Request Written Benefit Estimate
- When you are within 24 months of the earliest date you are eligible to retire, you can request a Tier One/Tier Two or Oregon Public Service Retirement Plan (OPSRP) written benefit estimate.
- To create your estimate, PERS will use the most current information provided by your employer(s). Employers report data to PERS monthly, so there could be a slight lag.
- Account balances are current as of December 31 of the previous year.
- Retirement forms for Tier1/Tier 2
- Retirement forms for OPSRP Tier
- IAP (Individual Account Program) Related Forms, What is the IAP, How to elect and update an IAP, and IAP Target Funds.
- When you are within 24 months of the earliest date you are eligible to retire, you can request a Tier One/Tier Two or Oregon Public Service Retirement Plan (OPSRP) written benefit estimate.
- To create your estimate, PERS will use the most current information provided by your employer(s). Employers report data to PERS monthly, so there could be a slight lag.
- Account balances are current as of December 31 of the previous year.
- PERS Divorce Information
- PERS Disability Retirement
- Disability retirement is a benefit you can apply for if you are unable to perform any work for which you are qualified (not just your last or usual job) for a minimum of 90 consecutive days because of an injury or illness.
- If you are considering applying for disability retirement, begin by reading the disability benefits page for your membership type
- PERS Health Insurance Program (PHIP) – look to the PERS Health Insurance tab
- For more information, contact Member Services.
ORP TDI Providers
- Fidelity
- TIAA
- Corebridge (formerly Valic) (Not longer open to participants)
Retiree Health Insurance
- PEBB (Non-Medicare, administered through BenefitHelp Solutions or BHS)
- National Healthcare (Non-Medicare)
- OregonHealthcare.gov (Oregon Insurance Marketplace)
- Healthcare.gov (other states)
Medicare & Social Security
- Medicare
- Medicare & You (PDF) – The official U.S. government Medicare handbook
- SHIBA – Senior Health Insurance Benefits Assistance, State of Oregon Department
- Social Security
- Full Social Security Age
- Retirement Info for Medicare Beneficiaries (PDF)
- Medicare & Retirement: Other Things to Consider
PERS Health Insurance