[DAS_Centralized_PERS_Services_Team] FW: PERS SB1049: Member Contributions Change July 1 — Tier One/Tier Two

Thu Jun 25 10:03:41 PDT 2020

Sharing on behalf of PERS.

Shauna Tobiasson | Senior CPERS Analyst | DAS-EGS-CPERS
Shauna.m.tobiasson at oregon.gov<mailto:Shauna.m.tobiasson at oregon.gov> | Cell: 971-719-3173
Website: http://www.oregon.gov/DAS/Financial/payroll/Pages/index.aspx
“With the new day comes new strength and new thoughts.” -Eleanor Roosevelt

From: Oregon PERS <OregonPERS at public.govdelivery.com>
Sent: Tuesday, June 23, 2020 5:33 PM
To: TOBIASSON Shauna M * DAS <Shauna.M.TOBIASSON at oregon.gov>
Subject: PERS SB1049: Member Contributions Change July 1 — Tier One/Tier Two

Read if you earn more than $2,500 a month

Having trouble viewing this email? View it as a Web page<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL2NvbnRlbnQuZ292ZGVsaXZlcnkuY29tL2FjY291bnRzL09SUEVSUy9idWxsZXRpbnMvMjkwMGM4MyJ9.cRV7RMs0JBWs2eDiKWeagbr94LId4WtK5YGolEBbtZo/s/778057492/br/80220812693-l>.
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June 2020

You received this email because you signed up through GovDelivery for Senate Bill 1049 updates or other nonretired member news, and your GovDelivery data shows you are a Tier One or Tier Two nonretired member. Review your GovDelivery subscriptions and targeting information here<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3B1YmxpYy5nb3ZkZWxpdmVyeS5jb20vYWNjb3VudHMvT1JQRVJTL3N1YnNjcmliZXIvZWRpdD9wcmVmZXJlbmNlcz10cnVlI3RhYjEifQ.4UqkhoUNTGm15aIASjIyNvYgrrtFv_XgJ3UvZ766ar4/s/778057492/br/80220812693-l>.

This information is for currently employed Tier One/Tier Two members (hired before August 29, 2003) who earn more than $2,500 a month. If you are not currently working for a PERS-participating employer or do not earn above that amount, this does not impact you.

Member contributions change starting July 1

As a currently employed member of PERS, you have two parts<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3ZpbWVvLmNvbS9vcmVnb25wZXJzL3NiMTA0OS10d28tcGFydHMifQ.-cVj8umX__aUHq9ucg35lbPpi21s7ZiY02Gs0uaF2TU/s/778057492/br/80220812693-l> to your future PERS retirement:

  1.  Your lifetime, monthly pension benefit.
  2.  Your Individual Account Program (IAP), to which you, or your employer on your behalf, currently contribute 6% of your salary.

Starting July 1, 2020, because of the Senate Bill (SB) 1049<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvTUVNL1BhZ2VzL1NCMTA0OS5hc3B4In0.cbiTEB3Pnz71azfuaSiuKWrwppvnkCs32uIX68zc7Sw/s/778057492/br/80220812693-l> IAP Redirect, if you earn more than $2,500 a month, 2.5% of your salary that is currently contributed to your IAP will start going into a different account to help pay for the cost of your future pension, which means less money will be going into your IAP.

These changes to your IAP contributions will not affect the amount you will receive as your monthly pension benefit when you retire. Your new Employee Pension Stability Account (EPSA) will be used to pay for part of your future pension benefit. The remaining 3.5% of your salary will continue to go into your IAP account.

The IAP Redirect is in effect when the PERS system is less than 90% funded*.

Learn more<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvTUVNL1BhZ2VzL1NCMTA0OS1JQVAtUmVkaXJlY3QtVDFUMi5hc3B4In0.zf7s2aecmFNhfLOlRc7t0t8zABRgvXWbvTQ_fXjWRHw/s/778057492/br/80220812693-l>
[Screenshot of a video explaining the member contribution change due to Senate Bill 1049]<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3ZpbWVvLmNvbS9vcmVnb25wZXJzL3NiNDktcmVkaXJlY3QtdDF0MiJ9.2nM48kz4Mst8jliImIjhet7g_zRY2686G5WLI1och9c/s/778057492/br/80220812693-l>

Watch a video that explains what is changing with Senate Bill 1049, starting July 1.

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More information about IAP Redirect

Where can I find information on my IAP or EPSA balance?

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, as employers will continue to report and submit 6% contributions to PERS.

If you view your IAP balance on IAP.Voya.com<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvTUVNL1BhZ2VzL0lBUC1BY2NvdW50LUxvZy1Pbi1JbmZvcm1hdGlvbi5hc3B4In0.KPZd7eU2Z7XSte96Oe-PFxzLvCUABlo8uNt4az3lRCQ/s/778057492/br/80220812693-l>, you will eventually notice less money going into your account due to the redirect. Keep in mind that due to routine reporting delays between your employer, PERS, and Voya, the IAP third-party administrator, changes may not be immediately reflected.

PERS plans to display EPSA account information on your 2020 Member Annual Statement<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvTUVNL1BhZ2VzL01lbWJlci1Bbm51YWwtU3RhdGVtZW50LUZBUXMuYXNweCJ9.CKG7DefsEEr9GyyHzCvTnv_wa0GFXSmHobNjUUS1CZM/s/778057492/br/80220812693-l>, sent in May 2021.

Can I make additional voluntary contributions?

SB 1049 provides an option for you to make voluntary contributions, to have a total of 6% of your salary go into your IAP. In late September 2020, PERS Online Member Services will be updated to allow members to voluntarily elect to make additional after-tax contributions (to be deducted by your employer) of the redirected amount. You will also have an opportunity to elect retroactive voluntary contributions back to July 1.

Make sure you are signed up for the "Senate Bill 1049 Information" GovDelivery topic<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3B1YmxpYy5nb3ZkZWxpdmVyeS5jb20vYWNjb3VudHMvT1JQRVJTL3N1YnNjcmliZXIvbmV3P3RvcGljX2lkPU9SUEVSU182OCJ9.G1tRrXpATVJhsF0ztnH9f53WveDHPdqLktvdEh7MszM/s/778057492/br/80220812693-l> to receive an update. PERS will continue to add information to our Tier One/Tier Two IAP Redirect webpage<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvTUVNL1BhZ2VzL1NCMTA0OS1JQVAtUmVkaXJlY3QtVDFUMi5hc3B4In0.Oz-IG7d1pcf9iw0un7reM_TS3c9qnVPRLKLWDKtCEUc/s/778057492/br/80220812693-l>.

Also remember that, as a public employee, your employer may have other 457(b) deferred compensation or 403(b) options that you can use to further save for retirement.

________________________________

*The latest official actuarial valuation shows that PERS’ funded status including side accounts was 74.9% as of December 31, 2018. The December 31, 2019, actuarial valuation will be adopted in fall 2020.

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Questions about COVID-19 and PERS? Read our statement on COVID-19 and agency mitigation measures<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDA2MjQuMjMzOTI0MjEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvUGFnZXMvTmV3cy9DT1ZJRC0xOS5hc3B4In0.qpjr93Y3COU1wBpNq0OTCd9nTEw7pLJ3bxhurHNH-Yc/s/778057492/br/80220812693-l>.

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________________________________

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