Eligible employees will be enrolled in one of the following retirement programs administered by the Oregon Public Employees Retirement System (PERS):
- Tier One or Tier Two PERS program
- Oregon Public Service Retirement Plan (OPSRP)
Employees hired on or after Aug. 29, 2003 become part of OPSRP (after working for the City for a six-month waiting period), unless membership was previously established in PERS.
Contributions to the program are based on the employee’s salary. The City pays the "employer" contribution for all City employees. In addition, the City contributes the 6% of salary "employee" contribution for all employees except those represented by the IAFF bargaining unit. The 6% employee contribution is deposited into the Individual Account Program (IAP) for both PERS and OPSRP members.
Retirement Fund Options
PERS and OPSRP members will have the opportunity to make certain elections on the PERS website this fall.
- IAP Target Date Fund Member Choice: Non-retired members can elect to change the Target Date Fund in which their IAP (Individual Account Program) balance is invested. Elections for 2021 must be made between September 1 and September 31, 2020 through PERS Online Member Services. More information is available on PERS’ IAP Target-Date Funds webpage.
- Member IAP Redirect Voluntary Contributions: Members earning more than $2,500 per month who have a percentage of their IAP contribution redirected to their new Employee Pension Stability Account may choose to make additional after-tax contributions to their IAP account via the PERS website later this fall.
- City Deferred Comp: You can enroll or make additional contributions to your City Deferred Comp plan at any time! With this option your contributions can be either Pre-tax or Post-tax – the choice is yours! Election changes to your Deferred Comp Account can be made through your member account on the Voya website at www.voyaretirementplans.com.
PERS provides free group counseling sessions for PERS and OPSRP members. City employees may attend one in-person group counseling session or web-based session per year on work time with prior supervisory approval. Participation in web-based sessions is considered work time if the employee is at a city work site and has prior supervisory approval.
If you are retiring within 90 days, you can schedule an individual meeting with a PERS retirement counselor. These individual sessions are not considered work time.
- PERS Website - View your IAP account info, agency news, and more.
- PERS Pre-Retirement Guide
- Perspectives Newsletter - Active or Retired
- PERS/OPSRP Publications - Info on break in service, P&F units, waiting period and more.
- OPSRP Q&A
- PERS Beneficiary Form Tier 1/2 - For PERS Tier 1/2 members. Completion of the IAP form also required.
- PERS/OPSRP IAP Beneficiary Forms - For PERS and OPSRP members.