Making Sense of Oregon PERS
The Oregon Public Employee Retirement System 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 Employee 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 decide which pension option is best for me?
Like most things in financial planning, ‘best’ is relative and highly dependent on your specifics. The Collective Wealth Planning Process will 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.
