Special Notice (October 2020):
PERS has recently implemented new changes outlined in Senate Bill 1049 (SB1049) as previously communicated in an all-staff message sent June 25, 2020. PERS released this newsletter to share with employees, and some of the details are outlined below.
Effective July 1, 2020:
Member IAP Redirect:
Tier 1/Tier 2 Members - If earning more than $2,500 per month, PERS will redirect 2.5% of subject salary into the member’s Employee Pension Stability Account (EPSA) to help pay for part of their future pension benefit.
OPSRP Members - If earning more than $2,500 per month, PERS will redirect 0.75% of subject salary into the member’s EPSA to help pay for part of their future pension benefit.
Effective September 28, 2020:
All Members, if earning more than $2,500 per month, now have the option to make additional after-tax contributions, through payroll deduction, equal to the redirected amount. (additional information listed below)
Through October 31, 2020, members have the option to request retroactive voluntary contributions back to July 1, 2020. These contributions are based on pay dates, therefore they will be calculated beginning with the July 15, 2020 paycheck.
Employees opting to elect contributions retroactive back to July 1, 2020 will have all voluntary retro contributions deducted from the first eligible paycheck following enrollment.
Enrollment instructions for Voluntary After-Tax Contributions: https://www.oregon.gov/pers/MEM/Pages/Voluntary-Contributions-OMS.aspx
Individual Account Program (IAP) Voluntary Contributions
By electing to make IAP voluntary contributions, members will authorize their employer to withhold additional after-tax IAP contributions equal to the amount redirected to the Employee Pension Stability Account (EPSA). Learn more about the redirect and EPSA for Tier One/Tier Two or OPSRP members.
PERS will provide employer(s) with member’s IAP voluntary contribution effective start and – if later requested – discontinuation dates. Employers will start and stop payroll deductions as soon as possible.
The “effective date” to start or stop voluntary contributions works as follows:
If the election or discontinuation request is received on the first day of a given month, the effective date is the first day of the next month.*
If the election or discontinuation request is received on or after the second day of a given month, it will take about two months to go into effect, with the effective date being the first day of the second month.*
Note that if members elect voluntary contributions but later discontinue them, voluntary contributions will continue to be made to your IAP until the effective date is reached for your discontinuation request.
*Example: If the election or discontinuation request is received on October 1, the effective date would be November 1. But if the election or discontinuation request is made on or after October 2, the effective date would instead be December 1.
Multnomah County PERS questions can be directed to email@example.com, or call 888-320-7377 to talk with a PERS Member Services representative.
The information and links included here for information regarding PERS & OPSRP are primarily links to the State of Oregon's web site for PERS.
For additional information, please contact PERS/OPSRP member services at:
Phone: (503) 598-PERS (7377)
Toll Free: (888) 320-PERS
Fax: (503) 598-0561
TTY: (503) 603-7766
Hours: 8:30 am - 5:00 pm