Oregon Profit Sharing Plan
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How to fill out Profit Sharing Plan?
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FAQ
When you retire, PERS will calculate your monthly benefit using the following formula: General service: 1.5 percent x years of retirement credit x final average salary. Normal retirement age for general service members is age 65, or age 58 with 30 years of retirement credit.
If you are no longer employed by a PERS-participating employer, you may choose to ?withdraw? the member contributions and earnings that have accumulated in your Individual Account Program (IAP), as long as certain conditions have been met.
You are vested in your Tier One or Tier Two account on the earliest date in which you complete at least 600 hours of service in each of five calendar years (the years do not have to be consecutive, but you cannot have a gap of more than five years).
The contract includes a $1,500 COLA bonus scheduled for September 2023, and a substantial 6.55% COLA scheduled for December 2023. Additionally, a 6.5% COLA has been secured for early 2025, ensuring that state workers will continue to see improvements in their compensation well into the future.
For career employees, defined as those with 30-plus years of service, the median monthly benefit is $5,026, or $60,312 a year. The median monthly benefit for those retiring in calendar year 2022 was $1,921 a month, or $23,052 annually.
Statute requires that members who withdraw from any PERS plan withdraw from all PERS plans in which they participate. If you are vested and you do not withdraw your member account(s), you will be eligible for lifetime monthly benefit payments at retirement.
Retirement with unreduced benefits ("normal retirement age") ClassificationAgePERS service timeGeneral Service65Age 58 with 30 years of servicePolice and Fire*60Age 53 with 25 years of service
Your OPSRP pension is primarily funded by your employer and can provide a lifetime income. To vest in your pension, you must do one of two things: Work for five years in a PERS-qualifying position for at least 600 hours per year.
