[DAS_Centralized_PERS_Services_Team] FW: PERS: IAP "Member Choice" Implementation Delayed

Wed Jun 6 13:06:22 PDT 2018

FYI

From: Oregon PERS [mailto:OregonPERS at public.govdelivery.com]
Sent: Wednesday, June 06, 2018 1:02 PM
To: TOBIASSON Shauna M * DAS <Shauna.M.TOBIASSON at oregon.gov>
Subject: PERS: IAP "Member Choice" Implementation Delayed

Having trouble viewing this email? View it as a Web page<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&100&&&https://content.govdelivery.com/accounts/ORPERS/bulletins/1f4d608>.

[Oregon Public Employees Retirement System]

June 2018

You received this email because you signed up through GovDelivery for IAP Target-Date Fund/Member Choice updates. Review your GovDelivery subscriptions here<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&101&&&https://public.govdelivery.com/accounts/ORPERS/subscriber/edit?preferences=true#tab1>.

IAP "Member Choice" Implementation Delayed

House Bill 4159<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&102&&&https://olis.leg.state.or.us/liz/2018R1/Measures/Overview/HB4159> (2018) would have provided limited member choice in Individual Account Program<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&103&&&http://www.oregon.gov/pers/MEM/Pages/What-is-the-IAP.aspx> (IAP) investments starting January 1, 2019.

However, following a review mandated by HB 4159, Oregon State Treasury has determined that, if implemented as originally drafted, this legislation would violate their legal and fiduciary standards. PERS may not move forward with implementation of member choice without additional legislative action.

PERS will work the Oregon State Treasury, employee groups, and other partners to develop a proposal to be considered during the 2019 legislative session. In the interim, members will remain invested in age-based IAP Target-Date Funds until the legal and fiduciary constraints are resolved and appropriate beneficiary protections are in place.

As described in a special insert<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&104&&&http://www.oregon.gov/pers/Documents/IAP_Investment_Strategy_Change_for_2018-19.pdf> included with their 2017 Member Annual Statements, members’ first look at annual IAP Target-Date Fund returns will be the 2018 Member Annual Statement, which is scheduled for distribution in spring 2019.

For members who retire, withdraw, or receive IAP installment payments this year, PERS will credit monthly earnings<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&105&&&http://www.oregon.gov/pers/Pages/Financials/IAP-Monthly.aspx> for those members’ IAP Target-Date Fund investments. All other, non-retired members will continue to receive annual IAP earnings crediting.

Members can learn more about IAP Target-Date Funds and find investment information, including fund fact sheets, through the Oregon State Treasury at www.oregon.gov/IAP<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&106&&&http://www.oregon.gov/IAP>.

Contact PERS<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&107&&&http://www.oregon.gov/pers/Pages/Contact-Us.aspx>

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This service is provided to you by Oregon PERS<http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbXNpZD0mYXVpZD0mbWFpbGluZ2lkPTIwMTgwNjA2LjkwODE2MDQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDYwNi45MDgxNjA0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE2OTQyODc2JmVtYWlsaWQ9c2hhdW5hLm0udG9iaWFzc29uQG9yZWdvbi5nb3YmdXNlcmlkPXNoYXVuYS5tLnRvYmlhc3NvbkBvcmVnb24uZ292JnRhcmdldGlkPSZmbD0mbXZpZD0mZXh0cmE9JiYm&&&110&&&http://www.oregon.gov/PERS/Pages/index.aspx>.

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