Retirement

PLAN OPTIONS | ELIGIBILITY | MANDATORY RETIREMENT PLAN DEFINITIONS | VOLUNTARY RETIREMENT PLAN DEFINITIONS | READY FOR RETIREMENT | RETIREMENT INCOME | RETIREE HEALTH INSURANCE | EMERITI

There are two phases to retirement: saving and retiring. In the saving phase, Portland State University employees have several retirement plan options. Two pension plans and two voluntary retirement savings plans offer a broad range of choices to work toward a comfortable retirement. When an employee is ready to retire, there are several steps and some information they should be aware of to make a smooth transition into retirement.

Retirement Plan Options

Portland State employees have access to multiple retirement savings options based upon date of hire, position group, and personal preference.

Unclassified: Employees in unclassified positions must make a one-time irrevocable decision within six months between Public Employees Retirement System (PERS) / Oregon Public Service Retirement Plan (OPSRP) and the Optional Retirement Plan (ORP). Failure to decide by this deadline will result in a default to the PERS/OPSRP plan.

• Academic Professionals
• Faculty
• Unrepresented
• Wage Agreements
• Adjuncts

Classified: PERS Contributions for employees in classified positions begin once eligible and no action is needed.

Postdoc: After completing the eligibility period, Portland State will match up to 4% of the postdoc scholar’s monthly salary, based on the contributions made to the 403(b) Plan by the participant.

• Postdoc employees that transfer to an unclassified position will need to make a one-time irrevocable decision within six months of transferring, between Public Employees Retirement System (PERS) /Oregon Public Service Retirement Plan (OPSRP) and the Optional Retirement Plan (ORP). Failure to decide by this deadline will result in a default to the PERS/OPSRP plan.

Transferring Classifications:

• Employees who move from a classified position to an unclassified position will be able to choose to remain in PERS/OPSRP or switch to the Optional Retirement Plan (ORP) after completing six months in the unclassified position.
• Employees who move from a unclassified position to an classified position will forever remain in the retirement plan they have elected or defaulted into.

• Standard Limit (Age 49 and under): Up to $24,500 per year.
• Age 50+ Catch-up: Employees age 50 and older can contribute an additional $8,000, for a total of $32,500.
• Special Age 60–63 Catch-up: Under new SECURE 2.0 rules, employees aged 60, 61, 62, or 63 can contribute a higher catch-up amount of $11,250, for a total of $35,750.

Dual Enrollment: You may maximize contributions to both a 403(b) and a 457(b) plan simultaneously, effectively doubling your annual tax-advantaged savings. PSU will automatically stop deductions once you reach the IRS annual limits.

Comparison of the Oregon Public Universities Retirement Plan 403(b) Plan and the Oregon Savings Growth Plan (OSGP) 457(b) Plan

Tax-Deferred Investment 403(B) Plan

The Tax-Deferred Investment 403(b) Plan is a supplementary retirement savings plan available to Oregon Public Universities employees. Participants' voluntary salary deferrals allow them to reduce their taxable income through payroll deduction for investment in various funds. Participants have a choice of investments-plus-services programs to suit their individual retirement planning needs.

See the 403(b) Plan Guide for additional information.

• Contributions can be made pre-tax or Roth
• Contributions are between 1%-85% of gross monthly income (minimum 25.00 per month)
• Participates can start/stop/change contributions each month
• Deadline for the current pay period is the 10th

Enrollment Steps

1. Complete the online form 403(b) Voluntary Savings Form
   1. Change contribution percentage here
   2. Stop deduction by indicating "0" amount here
2. Select where you want your money invested. Begin by opening an account with either of the following vendors:

Oregon Savings Growth Plan 457(B) Plan

The Oregon Savings Growth Plan (OSGP) is offered to Oregon public employees by PERS. The Oregon Investment Council manages a selection of investments on behalf of participants in the plan.

• Contributions can be made pre-tax or Roth post-tax
• Contributions are between 1%-85% of gross monthly income (minimum 25.00 per month)
• Managed fund with 9 investment options
• No penalty for early withdrawal
• Participates can start/stop/change contributions
• If Voya gets your changes by the last business day of any month, PSU should receive those instructions by the first day of the month after next.  Then, those changes will be applied to that month's payroll

See the PERS website for information on how to enroll/increase or decrease contributions in the OSGP.

• Plan ID: 350001
• 800-365-8494
• Plan Code: PSU - 58090

Attend a workshop to learn more.

Retirement Plan Resources

PERS/OPSRP Resources

PERS/OPSRP offers a variety of education sessions to assist members with the planning and preparation process.

• Tier One/Tier Two Education Sessions
• OPSRP Education Sessions
• Webinars

Oregon Savings Growth Plan 457(B) Plan

The Oregon Savings Growth Plan (OSGP) is offered to Oregon public employees by PERS. The Oregon Investment Council manages a selection of investments on behalf of participants in the plan.

Attend a workshop to learn more.

ORP/403b Resources

Plan administrators for ORP plans provide educational materials and information on their websites.

• Fidelity Resources
• TIAA Resources
• ORP Summary and Plan Highlights
• ORP Full Plan Document
• Decision Making Guide
• 403(b) Plan

Take Control of Your Future: Connect with a Retirement Consultant

Whether you are starting your financial journey, checking your progress, or actively preparing to retire, expert guidance is right at your fingertips. Dedicated retirement consultants offer free, personalized 1-on-1 support—in person, virtually, or by phone—to help you reach your goals.
 

Schedule Your Consultation Today
 

• TIAA
  Book Online: TIAA Appointment Portal
  Call Direct: Andrew “AJ” Martinez or Christian Long at 503-265-3905
   
• Fidelity
  Book Online: Fidelity Appointment Portal (under Oregon Public Universities)
  Call Direct: Ronald Elia at 800-642-7131
   
• Oregon Savings Growth Plan
  Book Online: OSGP Appointment Portal
  Call Direct: Tim Ertz at 503-789-9216
   

Retirement is an exciting opportunity to look forward to new opportunities and lifestyle choices. It can also be a time of significant change and adjustments. Whether retirement comes as expected, or earlier or later than anticipated, the University encourages employees to plan carefully for the event.

Things to consider:

• Finances
• Health Care Needs
• Legal Documentations
• Emotional Aspects of Retirement
• Post Retirement Employment
• Caring For Family

Resources

• PERS Tier 1 and 2, OPSRP Checklist
• ORP Checklist
• Continuation of long-term care
• Retirement Budget
• Continuation of life insurance
• RAPS (Retirement Assn of PSU)

Retirement income includes payments received from retirement savings plans and social security and may also include income from other types of established investments maintained over the years. It is important to conduct a comprehensive overview of assets to determine all sources of income available in retirement.

The following links can assist with estimating retirement income:

PERS Members

1. Determine Defined Benefit:
   • Obtain preliminary on-line and written PERS estimate or account balance. Social security number, hourly and monthly pay information, as well as sick and vacation hours (leave balances available in myPSU) are required. Visit the PERS website to obtain online and written estimates.
2. Obtain PERS IAP Balance:
   • Call PERS at 1-888-320-7377
   • Setting-up online access to an IAP account requires requesting a password. PERS will mail the password.

ORP Members

1. Obtain ORP Plan Account Balance:
   • Fidelity/Oregon Public Universities
   • TIAA-CREF/Oregon Public Universities

Social Security

Research Social Security Benefits

PEBB sponsored retiree health care benefits (COBRA) are available for pre-Medicare retirees.

PEBB sponsored benefits fact sheet

PERS Health Plan for Tier 1 and 2 and OPSRP retirees (if applicable) Employees eligible to receive PERS retirement benefits may also be eligible for PERS Retiree Health Care Benefits including pre-Medicare and Medicare coverage.

Medicare Employees are not required to enroll in Medicare at age 65 if they are still covered under PSU employer-paid health coverage. Employees who do not enroll due to current coverage, have eight months to enroll (special enrollment period) upon separation of employment. Please have the PSU HR office complete a CMS-L564E form

Senior Health Insurance Benefits Assistance (SHIBA) -  A state group that coordinates resources and provides answers for retirees regarding health care options. 

Search for other health care options

Medicare

Visit the  Medicare website and  Medicare and You to access a large amount of information and answers to questions.

The following links are intended to help explain the costs of Medicare:

• Medicare Part A
• Medicare Part B
• Medicare Part D

When to Sign up for Medicare

Active Employees:

Under 65 - PSU does not require Medicare enrollment and employees may sign up later during a Special Enrollment Period without a Late Enrollment Penalty.

Over 65 - The employee does not need to do anything until they (or their spouse) retires or they lose the coverage if both of these apply

Separating/Retiring:

PERS Tier 1/ Tier 2 members - Employees need to sign up for both Medicare Part A and B to get a $60 subsidy. Visit the PERS website for more information on the PERS Health Insurance Program.

• Sign up for Medicare - During a Special Enrollment Period without a Late Enrollment Penalty.

For information regarding application for Emeritus-Emerita benefits click here.

Additional Resources:

• Promotion and Tenure Information
• Faculty Promotion and Tenure Guidelines
• Retirement Association of Portland State (RAPS)