The Public Employees Retirement System (PERS) is the retirement and disability fund for public employees in the U.S. state of Oregon established in 1946. Employees of the state, school districts, and local governments are eligible for coverage. A health insurance plan for covered retirees was added to the program in 1987. The program is administered by a twelve-member board of trustees, appointed to three-year terms by the Governor subject to confirmation by the Senate, which also administers the Oregon Savings Growth Plan, a voluntary deferred compensation plan established in 1991.
Oregon Savings Growth Plan
The Challenge - Oregon's Public Employee Retirement System - John Taponga, President of ECONorthwest discusses the challenges Oregon's Public Employee Retirement System (PERS) poses for the state and explains how we got to this point.
The State of Oregon 457(b) Deferred Compensation Plan, known as the Oregon Savings Growth Plan (or OSGP), is provided to state and other eligible public sector employees as a supplement to the defined benefit (pension) mandatory to all PERS participants. As of October 2017, total assets of the DC plan were approximately 2.1 billion USD, with about 29,000 participants. Contributions to the plan are made by payroll deduction by participating employers to accounts recordkept by Voya Financial. Assets may be invested in a number of core plan options, or swept to a self-directed brokerage account for broader investment choice. The plan allows Roth and pre-tax contributions, as well as rollover contributions from qualified retirement plans/accounts, including the Oregon PERS Individual Account Program (IAP).
References
- "Oregon Public Employees Retirement System â€" Present Duties". Oregon Blue Book (Online). Salem, Oregon: Oregon Secretary of State. 2011. Retrieved 2012-07-19.Â
- "Public Employees Retirement System â€" Agency History" (PDF). Oregon Blue Book (Online). Salem, Oregon: Oregon Secretary of State. 2011. Retrieved 2012-03-01.Â
External links
- Official website
