This webpage is for currently employed Tier One or Tier Two members (you were hired before August 29, 2003).
If you are not currently working for a PERS-participating employer, or you have already retired, this is not relevant to you.
Watch PERS’ new, animated videos that explain the two parts to your retirement
and what is changing with your Individual Account Program (IAP) under Senate Bill (SB) 1049
, starting July 1, 2020.
As a currently employed PERS member, regardless of when you were hired, you have two parts
to your future PERS retirement:
IAP Redirect Begins July 1
Starting July 1, 2020, because of SB 1049, if you earn more than $2,500 a month, a portion of your 6% IAP contributions will be redirected to a new “Employee Pension Stability Account” (EPSA). Your EPSA will be used to pay for part of your future pension benefit.
Starting July 1, 2.5% of your salary
that is currently contributed to your IAP (whether paid by you or your employer) will start going into your EPSA.
The remaining 3.5% of your salary will continue to go into your IAP account.
Voluntary contributions and other technology changes
You will have an option in the future to make an additional after-tax contribution (to be deducted by your employer) of 2.5% of salary into your IAP, to continue to have a full 6% contribution to your IAP account. More details will be added to this webpage.
PERS Online Member Services is being updated to give you the ability to elect to make these “voluntary contributions.” However, this functionality will not be available until fall 2020.
PERS will update members and employers about our progress via the PERS website, GovDelivery
, and future member/employer newsletters.
Your employer will continue to submit 6% contributions to PERS (whether paid by you or your employer). Because the “redirect” will occur behind the scenes in the PERS system, if your employer currently displays your 6% contributions on your paystub, you likely will not notice any changes. More clarifying information will be added to this webpage about viewing your IAP balance on IAP.Voya.com in the future.
What else can I do to save more for retirement?
You don’t have to wait for full implementation of the SB 1049 voluntary contribution opportunity to keep saving for retirement.
As a public employee, additional avenues are available to you today:
- All state agency employees (and local governments and school districts that have adopted the plan) can participate in the Oregon Savings Growth Plan, a 457(b) deferred compensation plan. You can save as little as $25 a month for retirement. OSGP offers both pre-tax and after-tax (Roth) options. Find full details at www.growyourtomorrow.com.
- Your employer may have other 457 or 403(b) options that you can use to further save for retirement.
Under such programs, you may be able to contribute the exact amount of money you are comfortable saving (rather than only 2.5% of your salary), and choose how you want that money invested.
Information and details about Senate Bill 1049 implementation are subject to change. This information may not apply to all situations.