20-161F 20-161F . . . Executive Officer One-Year Incentive Plan under which each participant receives a cash award that is determined by a two-step process which considers both the performance of the corporation as a whole during the year and the individual performance of the participant
Oregon Executive Officer One-Year Incentive Plan
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Multi-State
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US-CC-20-161F
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Word;
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If you are a PERS member receiving a monthly pension benefit, you will see an increase in your benefit payments due to the annual cost-of-living adjustment (COLA) each August. Your COLA will go into effect July 1 and will be included in your August 1 benefit payment.
Federal retirees will receive more money as part of their annual Cost-of-Living Adjustment (COLA). However, the increase is less than the past two years as inflation wanes in the country. The Social Security Administration (SSA) says the 2024 COLA will be 3.2 percent.
$1,500 COLA bonus in September 2023: To provide immediate relief and recognize the incredible efforts of state workers, the contract includes a $1,500 COLA bonus scheduled for September 2023.
6.55% COLA increase in December 2023: One of the standout victories of this contract is the substantial 6.55% COLA scheduled for December 2023. This increase ensures that state workers will see a tangible boost to their income, helping them keep pace with the rising cost of living.
Shift differential applies to base rates for all hours worked during the shift. The differential rate is $1.85 per hour for evening shift and $2.25 per hour for night shift.
A salary range is established for each classification or skill level. Salary ranges specify the minimum, maximum, and service salary maximum salaries which can be paid for a classification or skill level.
This agreement brings unprecedented Cost of Living Adjustment (COLA) increases for the state workers amidst the rapid rise in inflation and the current statewide staffing crisis. Under the agreement, workers are set to receive a 6.5% COLA increase in December 2023, followed by another 6.55% COLA increase in early 2025.
That's why the CSRS COLA for 2023 is 8.7% and FERS COLA is a full percentage point lower, 7.7%. For 2024, CSRS retirees are expected to get 3.2% while their FERS counterparts are expected to get only 2.2%.