Serving Oregon Public Employees Retirement System Members in Retirement Planning

Oregon state employees discuss retirement finances while reviewing an iPhone.

Oregon Public Employees Retirement System Members

The Oregon Public Employees Retirement System (PERS) is the second most complicated pension system in the United States. Let’s navigate it together. 

Successful financial planning for Oregon public employees requires tailored experience, analysis, and strategies to support individual needs and ensure a secure retirement. Discover our unique perspective that considers your specific goals and circumstances while creating a blueprint for a solid financial outlook. Let our experience and guidance cultivate your finances to thrive.

Your Questions Answered

You’re not the only one asking…

What's the difference between PERS, IAP, OPSRP, and OSGP?

The Oregon Public Employees Retirement System (PERS) is an alphabet soup, and navigating each acronym’s role can be daunting. In short, PERS is the overarching name of the program. Your IAP and OSGP are accounts wholly owned by you and invested with the state. OPSRP and Tier 1/2 are pension programs that provide monthly income in retirement. Throughout our planning work together, we can decipher the details and tax implications of each and determine which pool is best for each season of retirement.

How do I read my Oregon PERS annual member statement?

Your Oregon PERS annual member statement provides essential information about your retirement benefits. It includes details about your account balance, contributions made, service credit earned, and beneficiary designations. Understanding this statement is crucial for planning your retirement. For a detailed guide on how to interpret each section of your statement, check out our blog: “How to Read Your Oregon PERS Statement – A Step-by-Step Guide.

How do I read my Oregon PERS Benefit Estimate?

Understanding your Oregon PERS benefit estimate is important. First off, know there are two types: informal and formal estimates. The informal one is online and gives a quick peek. The formal estimate, available closer to retirement, dives deep into the nitty-gritty. Not only will these estimates provide information on your pension options, but they’ll also provide details about lump sum payouts and service purchases. These decisions matter for your retirement plan. For help processing your estimate, check out our blog: “How to Read Your Oregon PERS Benefit Estimate.

How do I decide which pension option is right for me?

Deciding on the right Oregon PERS pension option can be a crucial step in planning for your retirement. Like most things in financial planning, ‘best’ is relative and highly dependent on your specifics. Our blog post, “Deciding Which Oregon PERS Pension Benefit is Right for You,” offers comprehensive guidance on understanding your pension benefits. From informal and formal estimates to exploring the various pension options and potential service purchases, we’ve got you covered. By reading through this resource, you’ll gain valuable insights that will empower you to make informed decisions about your financial future.

Working together, we’ll take a holistic view of your financial life and clarify your options with breakevens and long-term projections, empowering you to make the best decision for your unique situation.

 

Do I have to move my accounts when I retire?

Yes and no. When you retire from PERS, you will need to make decisions around your pension and your Individual Account Program (IAP). Both have payout options available. You can keep your Oregon Savings Growth Plan (OSGP) account where it is in retirement; however, you will likely choose to consolidate them into one for simplification purposes. An important part of retirement planning is finding ways to streamline your financial life so that you can focus on the parts of life that bring you joy. Simplifying, delegating, and prioritizing are cornerstones of our work together.

Does the PERS Health Insurance Program (PHIP) work with Medicare?

The extent to which PHIP can complement your Medicare coverage depends on where you live. The service area of providers under PHIP varies widely. Where you live, your preferred provider, and your Medicare plan will all play a role in the best fit for you. Depending on your budget and healthcare needs, you may want to compare your Medicare health insurance options through PERS with those available in the marketplace. An average retired couple in their mid-60s will need roughly $315,000 saved (after tax) to cover health care expenses in retirement. Planning for this expense is vital to the success of your long-term plan.

I'm OPSRP - how do I compete my Oregon PERS retirement application?

Nothing about an Oregon PERS retirement application is straight forward. To confidently complete your OPSRP Oregon PERS retirement application, follow our step-by-step guide in our blog/vlog post, “The Oregon PERS Retirement Application for OPSRP Members.” We break down each section of the application, from basic information to pension options, beneficiary designations, and additional forms you may need to submit. Navigating the complexities of this process is made easier with our comprehensive instructions.

 Educational Tools

Want More Financial and Investment Insight?

Sign up for the Collective Wealth Planning newsletter

Name(Required)
This field is for validation purposes and should be left unchanged.

Take Control Of Your Finances

Optimize your future with wise investments and establish authority over your retirement as an Oregon state employee. Our transparent, personalized planning process for state workers will give you peace of mind and help ensure a successful financial outcome.