Oregon Defined-Benefit Pension Plan and Trust Agreement
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FAQ
You have the option to roll over your IAP balance into a traditional IRA; an eligible employer plan; a 457 deferred compensation plan, such as the Oregon Savings Growth Plan; or another qualified plan.
OPSRP is a retirement plan created for Oregon public employees hired after August 28, 2003. It is part of the Oregon Public Employees Retirement System (PERS). The plan has two components: 1. OPSRP Pension Program: This retirement benefit is funded by your employer(s) as a defined benefit.
While defined benefit plans generally guarantee either a monthly payment or set lump-sum payout, depending on your salary or how long you remain with a company, defined contribution plan payouts aren't guaranteedthey depend on employee contributions and the performance of the underlying investments.
PERS benefits are subject to both federal and Oregon state income taxes.
The OPSRP Pension Program is funded by your employer and provides a lifetime pension. It is designed to provide approximately 45 percent of your final average salary at retirement (for a general service member with a 30-year career or a police and firefighter member with a 25-year career).
Voluntary contributions are made after regular income taxes have been withheld from your paycheck. Your contributions will not be taxed again when you retire and receive a distribution from your IAP. However, any investment earnings based on your voluntary contributions will be taxable.
The Individual Account Program (IAP) is an account-based retirement benefit for members of the Public Employees Retirement System (PERS). Oregon State Treasury oversees the investment of IAP funds and the Oregon Public Employees Retirement Fund.
The IAP hardship withdrawal is a taxable payment. However tax withholding is optional under the law (CARES Act of 2020.)
A number of situations could put your pension at risk, including underfunding, mismanagement, bankruptcy, and legal exemptions. Laws exist to protect you in such circumstances, but some laws provide better protection than others.
The law generally allows state courts to revoke or reduce the pension of a state, municipal, or quasi-public agency employee who is (1) convicted of, or pleads guilty or no contest to, certain crimes related to his or her employment and (2) entitled to a pension benefit under the general statutes for service as a
