[DAS_Centralized_PERS_Services_Team] FW: 2023 Updates to Salary Limit and Member Redirect

Fri Jan 6 10:30:50 PST 2023

Forwarding 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
"Tolerance and compassion are qualities of fearless people" - Paul Coelho

From: Oregon PERS <OregonPERS at public.govdelivery.com>
Sent: Friday, January 6, 2023 9:02 AM
To: TOBIASSON Shauna M * DAS <Shauna.M.TOBIASSON at das.oregon.gov>
Subject: 2023 Updates to Salary Limit and Member Redirect

Increases effective January 1, 2023

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[Employer News Bites 2]

January 6, 2023

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2023 Updates to Salary Limit and Member Redirect

Every January 1, PERS updates the annual Salary Limit amount and Member Redirect salary-threshold amount 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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[2023 Member Redirect and Salary Limit]
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About Salary Limit

Salary Limit puts a cap on the annual subject salary amount that PERS can use to calculate an employee's PERS benefits. The 2023 Salary Limit is $225,533/year, $18,794.34/month.

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. You can find the salary limit prorated by months of employment on the Salary Limit webpage<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMDYuNjkzNDk0MTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvRU1QL1BhZ2VzL1BhcnRpYWwtWWVhci5hc3B4In0.TE6Vkoqswl6MhGEQtaLItsia1wFUCWyzyvqH2KSxpqk/s/778057492/br/151876449311-l>.

About Member Redirect

Member Redirect automatically transfers a portion of an employee's 6%-of-salary IAP deduction into their Employee Pension Stability Account (EPSA) each time they earn $3,570 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.eyJidWxsZXRpbl9saW5rX2lkIjoxMDMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMDYuNjkzNDk0MTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvRU1QL1BhZ2VzL0VtcGxveWVyLVB1YmxpY2F0aW9ucy9lbXBsb3llci1uZXdzbGV0dGVycy5hc3B4In0.suQmO-eXtCYhQXORJ6NTKPPbmehKupfFDE_viyA2Js8/s/778057492/br/151876449311-l>.
  *   Learn more about your Salary Limit responsibilities on the Salary Limit webpage<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMDYuNjkzNDk0MTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvRU1QL1BhZ2VzL1BhcnRpYWwtWWVhci5hc3B4In0.mqFA6uUaUGT4l8l67LgyMFxz57yB99kaLWc453hbbMI/s/778057492/br/151876449311-l>.
  *   Learn more about Member Redirect, EPSAs, and your voluntary contributions responsibilities on the Employer Rate-Relief Programs webpage<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMDYuNjkzNDk0MTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvRU1QL1BhZ2VzL0VtcGxveWVyLVJhdGUtUmVsaWVmLVByb2dyYW1zLmFzcHgifQ.vE_hzNqqDTxFTsgw2B64H_5t1j24L957kSB0RCGtIdA/s/778057492/br/151876449311-l>.
  *   If you have questions or need help, contact your ESC representative<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMDYuNjkzNDk0MTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvRU1QL1BhZ2VzL0VTQy1SZXByZXNlbnRhdGl2ZXMuYXNweCJ9.QI2Qtrnsp202NLCIjXnF65yUW7GHnnE1qjFK3ZsSxvI/s/778057492/br/151876449311-l>.

Contact PERS<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMDYuNjkzNDk0MTEiLCJ1cmwiOiJodHRwczovL3d3dy5vcmVnb24uZ292L3BlcnMvUGFnZXMvQ29udGFjdC1Vcy5hc3B4In0.rBmuZMsxo_mk5NdoGVFRyvVua37b66QROs6Dyy6ZQrU/s/778057492/br/151876449311-l>

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