Tier 1: Employed on/or before December 31, 1995.Retirement benefits vary based on a tiered benefit system. Vesting in the PERS Pension Programs generally occurs after five years. PERS members must be vested before becoming eligible to receive a PERS pension.
The PERS system is a hybrid pension plan with two components – the Pension Program and the Individual Account Program (IAP). The Oregon Public Employees Retirement System (PERS) enables Oregon public employers to provide employees with retirement benefits as part of their total compensation package. Portland, OR and video chat appointments with Melinda can be scheduled online. More about loans and repayment requirementsįor more information, contact our VOYA representative: The maximum loan amount is $50,000 or 50% of your vested account balance. You may request a general purpose or residential loan. ĭeferred compensation EZ enrollment form Plan benefitsįor more information, visit LoansĪctive participants may borrow from their deferred compensation plan account. When opening a deferral account or if you make a change to your deferral amount, the requested payroll change will take effect at the beginning of the following month. Calendar year contribution limits are set by the IRS.
There is no minimum contribution amount.Participants may select a percentage of their salary or a specific dollar amount to defer from each paycheck.Temporary and seasonal employees are not eligible to enroll in the plan.
Post retirees working a limited-term assignment are eligible to continue their deferral as long as they are not separated from employment and are not receiving any payments from their 457 account. All regular and limited-term status employees are eligible to defer their compensation.
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