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OPSRP Overview and Benefit Calculation
PERS-covered employees hired on or after August 29, 2003 are Oregon Public Service Retirement Plan (OPSRP) members unless membership was previously established in PERS. OPSRP has two components: the Pension Program and the Individual Account Program.

What is the OPSRP Pension Program?
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).
 
Final average salary is generally the average of the highest three consecutive years (or less if you were employed for less than three years) or 1/3 of total salary in the last 36 months of employment.

General service member benefit information for the OPSRP Pension Program

Unless you are in a police or firefighter position, you are considered a general service member. 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.
 
General Service Benefit Calculation Example (you can estimate your benefit using any number of years and any final average salary)

Final average salary: $45,000
Retirement credit: 30 years as an OPSRP member
30 (years) x 1.5 percent = 45 percent
45 percent x $3,750 (final average monthly salary) = $1,687.50
Single Life Option monthly benefit = $1,687.50 ($20,250 annual benefit)

Police and firefighter (P&F) benefit information for the OPSRP Pension Program

To be classified as a P&F member at retirement, you must have been employed continuously as a P&F member for at least five years immediately preceding your retirement. When you retire, PERS will calculate your monthly benefit using the following formula:

Police and firefighter (P&F): 1.8 percent x years of retirement credit x final average salary. Normal retirement age for P&F members is age 60, or age 53 with 25 years of retirement credit.
 
P&F Benefit Calculation Example (you can estimate your benefit using any number of years and any final average salary)

Final average salary: $45,000
Retirement credit: 25 years as an OPSRP member
25 (years) x 1.8 percent = 45 percent
45 percent of $3,750 (final average monthly salary) = $1,687.50
Single Life Option monthly benefit = $1,687.50 ($20,250 annual benefit)

What is the Individual Account Program (IAP)?
The IAP is the second part of your retirement plan. Six percent of your subject salary (whether contributed by you or paid by your employer) goes into your IAP account.
 
Your account is credited with earnings (or losses) annually based on investment returns. Your IAP dollars are invested as part of PERS Fund and is managed by the Oregon State Treasury under the direction of the Oregon Investment Council.
 
IAP administrative costs are charged to member accounts. The IAP is estimated to pay approximately 15-20 percent of your final average salary (for a 30-year career) based on an 8 percent investment return each year.
 
NOTE: Investment returns are not guaranteed.
 
At retirement, you can receive your IAP dollars in a lump-sum payment or in equal installments over 5, 10, 15, or 20 years, or over your expected lifetime.