The maximum number of hours a PERS service retiree can work for a PERS-covered employer before the age of 70 without having to pay retirement benefits.
A rule in Oregon Revised Statute stating that an employee working for a public employer must perform at least 600 hours of service in a qualifying position each calendar year to earn retirement credit for that year.
The dollar value of your PERS account as of a given date. This account consists of all contributions and earnings received as of December 31, 2003, plus any earnings received after December 31, 2003.
The benefit amount a vested member has accumulated as of a certain date based on interpretation of current laws in effect as of that date.
Vacation leave program provided by a public employer that grants a period of exemption from work for rest and relaxation with pay. "Accrued" means that vacation leave time has built up over time.
Full-time duty in the Armed Forces; the commissioned corps of the Public Health Service; as a commissioned officer of the National Oceanic and Atmospheric Administration or its predecessor organization, the Coast and Geodetic Survey; service as a cadet at the United States Military, Air Force, or Coast Guard Academy; or as a midshipman at the United States Naval Academy.
Tier One/Tier Two member: A member who is presently employed by a participating employer in a PERS Chapter 238 Program qualifying position and who has completed the six-month waiting period.
OPSRP member: A member who is presently employed by a participating employer in an Oregon Public Employees Retirement Plan (OPSRP) Program qualifying position and who has completed the six-month waiting period.
The aggregate-sum refund of a small benefit allowance in a single lump-sum payment in lieu of monthly retirement or death benefit payments.
A spouse, former spouse, child, or other dependent of a PERS member or Deferred Compensation Program participant who is recognized by a qualified domestic relations order as having a right to receive all or a portion of the retirement account or benefits with respect to the member or plan participant.
An alternative retirement plan offered by Oregon Health Sciences University (OHSU) in which employees may elect to participate. An OHSU employee establishes active membership in PERS unless PERS receives an election from the employee to participate in the alternative retirement plan.
A request for a review of staff action or determination (decision) that any member or retiree may file with the Director.
A person who is appointed to a full-time, salaried office with a fixed term.
One or more persons, trusts, or organizations a member or participant names to receive plan benefits, if any, upon the death of the member or participant.
A estimation of retirement or disability benefits prepared by PERS staff. An estimate is not a guarantee or promise of actual benefits, and PERS is not bound by any estimates it provides.
PERS conducts business Monday - Friday (except for state and federal holidays) from 7:30 a.m. until 5 p.m.
The first calendar day of a month through the last calendar day of that month. There are 12 calendar months in a calendar year. "Calendar" is usually specified to distinguish the length of time from any 30-day period that could be considered a "month's time."
Twelve calendar months commencing on January 1 and ending on December 31.
A person whose employment is at irregular, unscheduled intervals.
Simultaneous employment with two or more different employers who participate in the PERS Chapter 238 Plan or OPSRP programs.
An inflation indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food, and transportation. The CPI is published monthly. PERS uses the Portland-Salem CPI to determine cost-of-living adjustments.
An individual may file a petition for a contested case hearing with the Board to obtain a review of any determination the Director made regarding the individual's request for the Director to review a staff action or determination. Individuals must file their petitions and the hearings conducted as provided in OAR 459-001-0035.
Service not interrupted for more than five years. Prior service is calculated based on an employee's continuous service with an employer before that employer provided PERS coverage. This is used in determining prior service credit.
Any period of time in which a participating public employer pays an active member a salary and the active member or the employer on the member's behalf pays contributions to PERS. For purposes of computing years of creditable service, full months and major fractions of a month are considered to be one-twelfth of a year and are added to all full years. One month of creditable service is earned for each major fraction of a month served. Creditable service includes all retirement credit received by a member.
The first day of the month following the last day a member (1) worked, was on vacation, or was paid sick leave, or (2) the first of the month a member files his or her application for benefits, whichever is later.
The funds held by PERS for the beneficiary or beneficiaries of a deceased member until benefits are distributed.
Benefits provided to a beneficiary on the death of a member who has not retired.
A plan that is not a defined contribution plan. Benefits are based on a defined formula, usually using both the member's salary and service time. PERS Chapter 238 Program is a defined benefit plan.
The beneficiary named by a PERS member on a document filed and accepted by PERS.
Payment to a person by automatically transferring money into the person's bank account. PERS can pay benefits by direct deposit.
The payment by PERS of an eligible rollover distribution in the form of a direct transfer to an eligible retirement plan such as an IRA. A rollover distribution does not incur any taxes or penalties at the time of the direct rollover.
A benefit a member can apply for if that member is unable to work for a minimum of 90 consecutive days because of an injury or illness. The member must be qualified to perform the work at the time of disability. PERS does not pay disability benefits for partial disabilities. Wages may reduce the benefit amount.
A retirement benefit paid when the member cannot work due to an injury or illness. Earned wages may reduce the monthly disability benefit.
A member who is receiving a monthly disability retirement allowance from PERS.
The legal document sent to PERS to start an appeal. See "Notice of Dispute."
A member who is divorced and his or her former spouse (alternate payee) is awarded a portion of the member's PERS benefits by a court.
Vacation hours an employee donates to another employee to use for sick leave.
Power of Attorney that is valid even if the principal becomes incapacitated.
A disability caused by reason of injury or disease that was sustained while performing one's job duties. The job duties must be the material major contributing cause of the injury or illness and not merely a contributing factor. The injury or illness must not be intentionally self -inflicted.
The earliest service retirement age at which a member may retire before reaching normal retirement age.
Credit for service time worked that school or academic employees engaged in teaching or other school activities can receive for the summer months (June, July, and August) if they work in a qualifying position or are on paid leave for all the days that the employing school is normally in session.
Service performed by a school or academic employee engaged in teaching or other school activities while working for a PERS-participating employer.
A person who is elected to a full-time, salaried office of the state or participating political subdivision of the state.
Conditions an employee must satisfy to participate in a plan or obtain a benefit.
A person employed on a temporary basis in case of fire, storm, earthquake, flood, or other similar emergency.
The pension paid to a beneficiary based on employer contributions equal to member contributions made during the member's lifetime.
A person named to carry out the provisions of another's will.
The tax levied by the US government on the money left by a deceased person. The deceased's estate is responsible for paying the estate tax.
The money IRS requires an individual to pay if a retirement account is refunded without meeting criteria in the Internal Revenue Code (e.g., before a certain age.).
The average gross salary or adjusted total gross earned over the three calendar years in which a member received the largest total salary from one or more PERS-participating employers, even if one of those years was less than a full calendar year, or the total gross salary or adjusted total gross earned over the last 36 months divided by the actual number of calendar months of active service within that 36-month period.
The amount of creditable service a PERS member lost due to a refund (withdrawal) of his or her member account. Refunded time may be purchased if the member meets certain eligibility requirements.
IRS form used to report a distribution from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc. The form is mailed no later than January 31 to a recipient of PERS benefits or an account balance refund. It lists the benefits paid and any taxes withheld during the previous year.
An IRS form recipients of annuity, pension, and certain other deferred compensation plan funds use to tell payers whether or not to withhold income tax and on what basis.
A court order to an employer or other entity to withhold all or part of an employee's wages or benefits and to send the money to the court or to a person who has won a lawsuit against the employee. There are many similar concepts, including attachment, assignment, tax levy, and court-ordered withholding.
Legal authority, in writing, to handle all the financial affairs of the person creating the Power of Attorney.
A court-appointed person who is legally responsible for the care and supervision of a minor or someone incapable of taking care of his or her own affairs.
Retirement accounts belonging to members who have left PERS-covered employment that have not been withdrawn.
Tier One/Tier Two member: A member who is not employed in a qualifying position, whose membership has not been terminated by account withdrawal or loss of membership, and who is not retired for service or disability.
OPSRP member: A member who is not employed in a qualifying position, whose membership has not been terminated by account withdrawal or loss of membership and who is not a retired member.
Established in 2003 by HB2020, the IAP is part of the Oregon Public Service Retirement Plan (OPSRP). It is a separate program from the OPSRP Pension Program. (All active PERS Chapter 238 Program members, except judges, contribute to the OPSRP IAP beginning 01/01/2004.)
A tax-deferred account that individuals, whether they are covered by a retirement plan or not, can establish, into which they can save money toward their retirement. Money in the account is taxed at the time of withdrawal. A member may be assessed a 10 percent penalty if he or she withdraws money from his or her account before reaching retirement age.
Defines the employment classification an employee holds with an employer. The job classification affects the rules that apply to the member's benefits or eligibility to participate in PERS.
A time during which an employee is not working but is still considered employed. An official leave of absence is one that an employer has approved. A leave of absence with or without pay does not break the continuity of the employee's membership in PERS.
Legal authority, in writing, to perform a specific act or acts on behalf of another (e.g., the power to cash another person's check).
A written directive to a doctor to withhold or withdraw life-sustaining procedures artificially prolonging a person's life when that person is terminally ill.
Insurance that covers the cost of skilled nursing care, home care, and other levels of service.
Termination of all PERS membership rights due to a non-vested member being absent from the service of a participating employer for five consecutive years. Status of a member account when a non-vested member remains inactive for five years.
Payment of benefits in one payment.
Average of 50 hours a month in a calendar year.
The means by which PERS can recover a refund that has occurred illegally through an in-service distribution or when separation from service has not occurred, as required in ORS 238.265. The effect of the mandatory redeposit is that the member account is restored to its pre-refund status. The hiring employer is invoiced for the mandatory redeposit if PERS does not receive the required funds from the member.
Medicare hospital insurance. Usually covers a necessary stay in the hospital but does not cover doctors' services.
Medicare medical insurance that covers doctors, outpatient services, and medical supplies but does not cover prescriptions.
Health insurance coverage for those who want to add insurance to their Medicare coverage.
An eligible employee who has established membership in the PERS Chapter 238 Program or the Individual Account Program and whose membership has not been terminated. "Member" includes active, inactive, and retired members.
A detailed statement delivered to a PERS active and inactive member each year showing the member's total account balance as of December 31 of the previous calendar year. The statement includes contributions, earnings, and other information about the member's specific participation in PERS.
The performance of duty on a voluntary or involuntary basis in a uniformed service under competent authority, including active duty, active duty for training, initial active duty for training, inactive duty training, full-time National Guard duty, a period when an employee is absent from employment for the purpose of an examination to determine the employee's fitness to perform any of the previous types of duty, or a period of time an employee is absent from employment to perform funeral honors duty as authorized by 10 U.S.C. 12503 or 32 U.S.C. 115.
Service time a member may purchase or is granted for time served on active duty with the uniformed services that is added to the member's creditable service.
A disability caused by an injury or disease that was not sustained while performing duties on the job.
The age, as established by a retirement plan, when a member (plan participant) may retire with unreduced benefits. Normal retirement age for PERS members other than judges is defined in ORS 238.005(14).
A written letter from a member disputing (contesting) the information used to compute a retirement allowance. The member must submit the letter to PERS no later than 240 days after the issuance of a Notice of Entitlement or 240 days after the retirement allowance or benefit first becomes payable.
A letter and invoice sent to a person or entity who received an overpayment. The letter includes an explanation of the overpayment, penalties (if applicable), methods of repayment, and appeal rights and requirements.
A member with money in the Variable Annuity Program who made contributions to the Variable account on or after January 1, 1982, and who meets certain other conditions may elect to transfer his or her entire Variable account balance to his or her regular account before retirement.
A state agency's formally adopted or amended written statement of agency directive, standard, regulations that implement, interpret, or prescribe law or policy, or describe the procedure or practice requirements of an agency.
The pension plan established by the Oregon legislature on August 29, 2003. The plan has two components: the Pension Program, which is a defined benefit plan, and the Individual Account Program, which is a defined contribution plan.
Laws passed by the state legislature. ORS 238 expressly provides PERS' enabling provisions and authority. Other laws or regulations may limit or prescribe PERS performance of certain activities such as entering into personal services contracts or limit or prescribe membership or participation in PERS.
An Internal Revenue Code (IRC) Section 457 deferred compensation plan the state of Oregon established for the benefit of state or local employees. PERS administers the OSGP.
A member, former member, beneficiary, or alternate payee who has rights to an individual account in PERS.
The term used to describe the part of a retirement allowance funded by employer contributions that is usually paid as a series of monthly payments to a retiree for life.
An employer who participates in the PERS Chapter 238 Program and whose eligible employees are entitled to Tier One or Tier Two benefits are retirement.
An employer who participates in the Oregon Public Employees Retirement System (PERS).
The retirement program available to an employee who began his or her six-month waiting time in a qualifying position with a PERS-participating public employer on or before August 28, 2003, and has completed the waiting period. The program consists of Tier One and Tier Two members.
Units, up to eight, of additional benefits a police officer or firefighter who is a member of PERS may purchase by making additional contributions into a unit income account. The additional benefits are paid between the date of retirement and age 65.
A voluntary contribution a police officer or firefighter (P&F) member makes toward the purchase of a P&F unit benefit.
Legal authority, in writing, given by a person to an agent (attorney-in-fact) to manage some or all of that person's financial affairs. (See Durable Power of Attorney, General Power of Attorney, Limited Power of Attorney, Special Power of Attorney for PERS.)
An written agreement between two people before marriage on what rights each of them will keep over certain property if a divorce or death occurs.
The legal process by which property is collected and distributed according to a will or by intestate succession. A court issues a formal certificate, declaring that a will has been proven, validated, and registered. The certificate gives the executor or personal representative the legal authority to execute the will.
An agency created by one or more governmental organizations, as defined by ORS 238.005(17).
An option for members meeting certain criteria to buy retirement credit.
A letter PERS sends to a member describing the cost and benefit to the member wanting to purchase retirement credit.
The date an employee's position first qualifies for PERS participation.
A qualifying position is one in which an employee will perform 600 or more hours of service in a calendar year in one or more jobs with one or more participating public employers.
A member's withdrawal of the amount credited to his or her accounts. A refund cancels all membership rights in PERS.
A retirement benefit that is paid over the lifetime of the member. When the member dies, any remaining retirement benefits in the member's account are paid in a lump-sum payment to the designated beneficiary(ies).
A refund segment is the time covered by the refund. For example: A person establishes membership on August 1, 1997, separates on July 31, 2000, and withdraws his/her member account on September 1, 2003. The refunded segment is August 1, 1997 – July 31,2000.
A member who receives a retirement allowance for service or disability (ORS 238.005(12)(d)) or who received a total lump-sum distribution of his or her retirement benefits.
A period of time that is treated as creditable service for retirement calculation purposes. A member earns one year of retirement credit for at least 600 hours of service in a calendar year or the full-time equivalent of a position if the member is a school employee.
All distributions that are not part of a series of equal (or almost equal) distributions that are made at least once a year and that will last for (1) your lifetime (or a period measured by your life expectancy) or (2) your lifetime and your beneficiary's lifetime (or a period measured by your joint life expectancies) or (3) a period of 10 or more years.
A type of individual retirement account (IRA). It is funded with after-tax dollars, and qualifying distributions are not taxed. PERS rollover-eligible distributions may not be rolled over into a Roth IRA.
The remuneration paid to an employee in cash out of the funds of a public employer in return for services to the employer.
An apprenticeship, internship, or entry-level position with a PERS-covered employer that a person worked before the employer hired that person into a technical or professional position.
A person whose employment is characterized as recurring for defined periods that are natural divisions of the employer’s business cycle or services.
An employer/employee relationship exists but no work is performed. Leave with pay (LWP) and leave without pay (LWOP) are examples of separation. Separation is not termination.
Power of attorney document available from PERS that gives an attorney-in-fact the legal authority to act on the member's behalf in all matters associated with the member's Oregon Public Employees Retirement System benefits, including changes of option and beneficiary.
A person designated as a beneficiary by the member who outlives that member.
The Public Employees Retirement System that includes the PERS Chapter 238 Program and the OPSRP IAP.
The employer/employee relationship ceases to exist.
A PERS member who began his or her six-month waiting period before January 1, 1996.
A PERS member who began his or her six-month waiting period on or after January 1, 1996, but before August 29, 2003.
Person who accepts responsibility to manage and distribute the property held in a trust.
The Armed Forces, Army National Guard, Air National Guard, commissioned of the Public Health Service, and any other category of persons designated by the president in wartime or national emergency.
The federal law enacted in 1994 that provides job and benefits protection to employees who take a leave of absence to serve in the military, National Guard, or other uniformed services. USERRA clarified and strengthened the Veterans' Reemployment Rights Act.
A voluntary contribution made toward a benefit enhancement that is available to PERS Tier One and Tier Two police and fire (P&F) members.
A retirement allowance calculated without an actuarial reduction for an early retirement or a survivorship option.
A program in which a PERS-participating employer may agree to allow its employees to use the value of their accumulated unused sick leave hours to increase their final average salaries at retirement.
The lump-sum amount paid by an employer to an employee for accrued leave in a vacation leave program. It does not normally include sick leave programs, programs allowing the accumulation of compensatory time, holiday pay, or other special leaves. The lump-sum payment of vacation leave hours can increase a Tier One member's final average salary. The lump-sum vacation leave payment cannot be used to increase a Tier Two member's final average salary.
Status of a PERS member who has been an active member of the system in each of five calendar years.
The federal law that provides job and benefits protection to employees who leave work to serve in the armed forces and then return to their employers. The Act covers re-employment initiated through December 11, 1994. For re-employment initiated on December 12, 1994, and after, see "Uniformed Services Employment and Reemployment Rights Act (USERRA)."
The means by which a member who refunds (withdraws) his or her member account balance can voluntarily restore the account under certain conditions to its pre-refund status.
The time between an employee’s hire date and the date the employee is eligible for membership in PERS.
A federal program in which employees disabled on the job can receive pay. Any workers' compensation payments Tier Two members receive may offset disability benefits.