Judges are ineligible for membership in the OPSRP Pension 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, an account-based benefit, 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. Administrative fees are deducted from the fund's earnings as part of the annual crediting process. You are automatically vested in your IAP account when your account is established.
Beginning in 2018, your IAP dollars are invested in IAP Target-Date Funds, intended to reduce investment risk and volatility as you age. For more information about IAP Target-Date Funds, click here.
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.