[DAS_Centralized_PERS_Services_Team] FW: 2022 Updates to Salary Limit and Member Redirect

Tue Dec 21 08:59:33 PST 2021

Forwarding information on salary limits for 2022 on behalf of PERS.

Shauna Tobiasson |  Senior CPERS Analyst
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
DAS Centralized PERS Services Team
Cell: 971-719-3173
Website: http://www.oregon.gov/DAS/Financial/payroll/Pages/index.aspx
"I have the most valuable commodity in America: the blind stubborn belief that I'm doing what is right" - Leslie Knope

From: Oregon PERS <OregonPERS at public.govdelivery.com>
Sent: Tuesday, December 21, 2021 8:02 AM
To: TOBIASSON Shauna M * DAS <Shauna.M.TOBIASSON at das.oregon.gov>
Subject: 2022 Updates to Salary Limit and Member Redirect

Increases effective January 1, 2022

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December 21, 2022

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2022 Updates to Salary Limit and Member Redirect

Every January, PERS adjusts subject-salary limits and requirements in accordance with the Consumer Price Index (CPI) for the Western States. This ensures that the numbers we use to calculate retirement benefits keep pace with inflation and cost of living.

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[CPI increase]
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About Salary Limit

The Senate Bill 1049 Salary Limit, effective January 1, 2020, limits the annual subject salary amount that PERS can use to calculate an employee's PERS benefits. PERS subject salary is used to determine:

  *   Member Individual Account Program (IAP) contributions.
  *   Employer contributions paid to PERS.
  *   The final average salary (FAS) used in calculating retirement benefits under formula methods.

Salary that your employees earn over the salary limit must be reported to PERS as non-subject salary.

About Member Redirect

Established by Senate Bill 1049 (2019), the Member Redirect project automatically transfers a portion of an employee's 6%-of-salary IAP deduction into their Employee Pension Stability Fund (EPSA) each time they earn $3,333 or more in monthly salary.

The funds in each PERS member's EPSA will be used to help pay for their future pension benefits, which helps reduce employer contribution rates.

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For more information

  *   More details are forthcoming in the January edition of Employer News.<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMjEuNTA2NDM1NTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvRU1QL1BhZ2VzL0VtcGxveWVyLVB1YmxpY2F0aW9ucy9lbXBsb3llci1uZXdzbGV0dGVycy5hc3B4In0.w0MR_2rp1BYfDVwzTkXk6JQrtEYUIUroXV7kUKwaIs8/s/778057492/br/123507102161-l>
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  *   Read Consumer Price Index, West Region - November 2021<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMjEuNTA2NDM1NTEiLCJ1cmwiOiJodHRwczovL3d3dy5ibHMuZ292L3JlZ2lvbnMvd2VzdC9uZXdzLXJlbGVhc2UvY29uc3VtZXJwcmljZWluZGV4X3dlc3QuaHRtIn0.xU8-qLVXLiLBoCgTTvwbS3CfT1OEVCHRRkoqfSvQTXA/s/778057492/br/123507102161-l>.

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