RETIREMENT

Retirement Plan

After six consecutive months of uninterrupted service in a position requiring at least 600 hours of work per year, unclassified employees become eligible for membership either in the Public Employees Retirement System (PERS) or OUS's Optional Retirement Plan (ORP). Once the employee is retirement eligible, OUS will make a six percent (6%) contribution each month based on the employee's salary.

Some Similarities

• employee r contributions under PERS and the ORP are the same
• service and vesting requirements are the same under both plans

Some Differences

• PERS does not accept rollovers; some ORP vendors may accept rollovers.
• PERS contributions may be invested in the regular or variable account; ORP members choose from a variety of investment funds offered through one of the investment companies.
• PERS only allows changes between the regular and variable account; ORP members may change investment companies for future contributions once each year, and may change investment funds at any time.
• PERS does not offer borrowing against retirement funds; some ORP companies may allow borrowing.

The list of similarities and differences is a general overview. Complete details regarding retirement plans are available in the PERS Handbook and the ORP Decision Making Guide. These booklets will be given to new employees at their benefits orientation.

Employees planning to retire should contact the Human Resources Office and PERS or an ORP company at least six months prior to retirement.

[Responsible for Accuracy: Carol Kroll, Human Resources Director - Last Verified: 9/15/00]