OSPS E-News ~ HRSD Announcement - 5/12/04 - PERS Benefit Calculation

Thu May 13 13:17:58 PDT 2004

We are forwarding on this message sent out today by DAS Human Resource
Services Division (HRSD).  

-----Original Message-----
From: HRLIST Admin * DAS HRSD [mailto:Admin.Hrlist at state.or.us] 
Sent: Wednesday, May 12, 2004 2:35 PM
To: 'hrcom-net at listsmart.osl.state.or.us';
'hrmgr-net at listsmart.osl.state.or.us'; 'hrexec at listsmart.osl.state.or.us'
Subject: [hrcom-net] HRSD Announcement - 5/12/04 - PERS Benefit Calculation

TO:  HR Directors, Managers, and Analysts 

Subj:  PERS To Revise Method of Benefit Calculation on Variable Accounts For
Retirements After June 1, 2004 

The attached link provides information on an important change to the method
PERS uses to calculate retirement benefits for members who have participated
in the variable account.  If you receive questions from employees regarding
this change, please refer them to this website.  It does a good job of
explaining what the change is and why the change is being made.  It also
provides an e-mail link for employees to use to request more information on
how this change will impact them specifically so that they can make a more
informed decision if they are considering retiring on June 1, 2004, to avoid
the impact on their retirement benefits.  This link can be found in the
first paragraph.  PERS has dedicated staff ready to respond to these
requests and will provide the information within 72 hours of receipt of the
request.  Please remind employees that they should only request an estimate
of the impact if they are eligible to retire ON or BEFORE June 1, 2004.  

<http://www.pers.state.or.us/member/section/persplan/custservice/variable_an
nuity_adjustment.asp>
http://www.pers.state.or.us/member/section/persplan/custservice/variable_ann
uity_adjustment.asp 

Denise L. Hall 
Manager 
Personnel Systems and HR Audit Program 
503-373-7320 
denise.l.hall at state.or.us 

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