[DAS_Centralized_PERS_Services_Team] FW: PERS SB1049: IAP Voluntary Contributions Now Available (Optional)

[TOBIASSON Shauna M * DAS]

Please see the information below from PERS regarding Voluntary Contributions. Employees who are signed up for PERS GovDelivery messages will have received this message from PERS today. DAS CPERS will be sending communication later today regarding system changes and impacts to payroll processes. Thank you

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


New option to elect to make additional, after-tax contributions

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[PERS logo and Mt. Hood]

September 2020

You received this email because you signed up through GovDelivery for Senate Bill 1049 updates. Review your GovDelivery subscriptions and targeting information here<https://public.govdelivery.com/accounts/ORPERS/subscriber/edit?preferences=true#tab1>.

This information is for currently employed members 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.

IAP voluntary contributions

Starting July 1, 2020, Senate Bill (SB) 1049<https://www.oregon.gov/pers/MEM/Pages/SB1049.aspx> requires that members earning more than $2,500 per month<https://www.oregon.gov/pers/MEM/Pages/SB1049-EPSA.aspx> have a portion of their 6% Individual Account Program (IAP)<https://www.oregon.gov/pers/MEM/Pages/What-is-the-IAP.aspx> contributions redirected to a new Employee Pension Stability Account (EPSA). Your EPSA is used to pay for part of your future pension benefit. This does mean less money is going into your IAP.

  *   Learn more about the SB 1049 Member Redirect<https://www.oregon.gov/pers/MEM/Pages/SB1049-IAP-Redirect-T1T2.aspx> for Tier One/Tier Two members (hired before August 29, 2003).
  *   Learn more about the SB 1049 Member Redirect<https://www.oregon.gov/pers/MEM/Pages/SB1049-IAP-Redirect-OPSRP.aspx> for OPSRP members (hired after August 28, 2003).

SB 1049 also provides an option for you to make additional, after-tax "IAP voluntary contributions," to have a total of 6% of your salary go into your IAP.

New technology is now available to request for your employer to withhold additional after-tax contributions equal to the amount redirected to your EPSA.

Read step-by-ste​p instructions<https://www.oregon.gov/pers/MEM/Pages/Voluntary-Contributions-OMS.aspx> on how to elect to make voluntary contributions in Online Member Services (OMS).

Notice: If you want to elect retroactive voluntary contributions back to July 1, 2020, you must make your election by October 31, 2020.

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Questions about COVID-19 and PERS? Read our statement on COVID-19 and agency mitigation measures<https://www.oregon.gov/pers/Pages/News/COVID-19.aspx>.

Contact PERS<https://www.oregon.gov/pers/Pages/Contact-Us.aspx>

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This service is provided to you by Oregon PERS<http://www.oregon.gov/PERS/Pages/index.aspx>.

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