Eastern Oregon University > Human Resources > PENSION PLANS FOR NEWLY ELIGIBLE EMPLOYEES

PENSION PLANS FOR NEWLY ELIGIBLE EMPLOYEES

Eligibility Requirements: All employees with the exception of students and graduate assistants are eligible to participate in the Pension 401a plan after completing six full months and 600 hours based on hiring intent. 非机密工作人员至少在符合参加资格前30天从人力资源办公室收到登记信息。 PERS Contributions for Classified staff begin once eligible and no action is needed.

If you change from Classified to Unclassified, you will be able to choose to remain in PERS/OPSRP or switch to the Optional Retirement Plan after completing six months in the unclassified position.

Note: Employees of the University on an Educational Visa (J-1, F-1, etc.) are not eligible to participate in the retirement program per Oregon Revised Statute 238.015(4) and Oregon Administrative Rule 459.010.0025(1). These types of employees can participate in our voluntary retirement savings plan.

Helpful Links:

ORP Summary and Plan Highlights

ORP Full Plan Document

Decision Making Guide

EMPLOYEES IN UNCLASSIFIED AAUP-REPRESENTED POSITIONS (AAUP)

After meeting the eligibility requirements(usually after six months in any calendar year), you will have a choice between the two plans listed below.

This decision is irrevocable and remains with the employee through their employment with any Oregon Public University

Choice 1: PERS/OPSRP (Oregon Public Service Retirement Plan)

Must work a minimum of 600 hours in a calendar year to remain eligible. You are unable to roll other retirement funds in or roll any funds out. You are unable to add any contributions to your PERS/OPSRP.

Employee Contribution: Eastern Oregon University pays 6% of gross monthly salary each month (vests immediately). This individual account program (IAP) is managed by the Oregon Investment Council through PERS.

Employer Contribution: Eastern Oregon University pays each month into a defined benefit pension plan. Pension benefits are based on a formula: 1.5 percent x years of retirement credit x final average salary. (Vesting after 5 years of contributions or age 65).

* *If you are already an active PERS Tier 1 or Tier 2/OPSRP member, you may be eligible to have contributions begin upon hire and remain in current tier status. Please contact Jacque Naegle at jnaegle@eou.edu

Choice 2: ORP (Optional Retirement Plan) Tier 4

Once eligibility is established, a 600 hours minimum is no longer required.

Employee Contribution: Eastern Oregon University matches 1% – 4% of gross monthly salary each month depending on employee contributions to a 403b plan (both employee and matching contributions vest immediately).

Employer Contribution: Eastern Oregon University pays 8% of gross monthly salary each month. (Vests after 5 contribution years or age 50).

ORP Participants

EMPLOYEES IN UNCLASSIFIED Administrative Professional Position

After meeting the eligibility requirements (usually, after 600-hours are met in a calendar year), you will have a choice between the two plans listed below. This decision is irrevocable and remains with the employee through their employment with any Oregon Public University.

Choice 1: PERS/OPSRP (Oregon Public Service Retirement Plan)

Must work a minimum of 600 hours in a calendar year to remain eligible. You are unable to roll other retirement funds in or roll any funds out. You are unable to add any contributions to your PERS/OPSRP.

Employee Contribution: Eastern Oregon University pays the employee 6% of gross monthly salary each month (vests immediately). This individual account program (IAP) is managed by the Oregon Investment Council through PERS.

Employer Contribution: Eastern Oregon University pays each month into a defined benefit pension plan. Pension benefits are based on a formula: 1.5 percent x years of retirement credit x final average salary. (Vesting after 5 years of contributions or age 65).

* *If you are already an active PERS Tier 1 or Tier 2/OPSRP member, you may be eligible to have contributions begin upon hire and remain in current tier status. Please contact jnaegle@eou.edu

 

Choice 2: ORP (Optional Retirement Plan) Tier 4

Once eligibility is established, a 600 hours minimum is no longer required.

Employee Contribution: Eastern Oregon University matches 1% – 4% of gross monthly salary each month depending on employee contributions to a 403b plan (both employee and matching contributions vest immediately).

Employer Contribution: Eastern Oregon University pays 8% of gross monthly salary each month. (Vests after 5 contribution years or age 50).

ORP Participants

Helpful Links:

EMPLOYEES IN CLASSIFIED POSITIONS

After meeting the eligibility requirements, you will automatically be enrolled in the Oregon Public Service Retirement Plan (OPSRP).

PERS/OPSRP (Oregon Public Service Retirement Plan)

Must work a minimum of 600 hours in a calendar year to remain eligible. You are unable to roll other retirement funds in or roll any funds out. You are unable to add any contributions to your PERS/OPSRP.

Employee Contribution: Eastern Oregon University pays 6% of gross monthly salary each month(vests immediately). This individual account program (IAP) is managed by the Oregon Investment Council through PERS.

Employer Contribution: Eastern Oregon University pays each month into a defined benefit pension plan. Pension benefits are based on a formula: 1.5 percent x years of retirement credit x final average salary. (Vesting after 5 years of contributions or age 65).

* If you are already an active PERS Tier 1 or Tier 2/OPSRP member, you may be eligible to have contributions begin upon hire and remain in current tier status. Please contact Jacque Naegle at jnaegle@eou.edu