This workshop was developed for all tenure-related faculty who are interested in learning about the Tenure Reduction Program (TRP). The TRP provides an opportunity for tenured faculty to gradually reduce their involvement at the UO for up to five years after retirement. This workshop addressed eligibility, rights and responsibilities, interaction with PERS and other retirement funds, faculty standing in the department and university, types of instructional assignments, class enrollments, alternatives to teaching, and constraints on employment and sustaining PERS eligibility. The workshop was facilitated by Ken Doxsee, Vice Provost for Academic Affairs and Ernie Pressman, Benefits Administrator, Human Resources.

1. 1
Agenda
 PERS/OPSRPOverview
 OptionalRetirementPlan(ORP)Overview
 RetireeMedicalandDentalInsurance
 MedicareIneligible
 MedicareEligible
 Coveragewhileworking

2.  PERS Members
 Tier One:HiredbeforeJanuary1,1996
 TierTwo:HiredJanuary1,1996throughAugust28,2003
 OPSRP Members
 Hiredonorafter August29,2003
2

3.  HB 2020 (effective date of change January 1, 2004)
 Nocontributions to PERS member account after this date
 Member contributions of 6% to IAP paid by University of
Oregon
 Oregon Investment Council provides investment oversight for
IAP and PERS/OPSRP pension funds
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4.  Employer makes separate contributions to fund PERS/OPSRP
 Pension benefit is separate from IAP
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5.  PERS retiree receives IAP benefit, and chooses between
thirteen options for PERS pension benefit
 OPSRP retiree receives IAP benefit, and chooses between five
options for OPSRP pension benefits
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6.  Inactivemember (withdrawal)
 Lump Sum
 PERSretiree (retirement)
 Lump Sum (mailed direct to member)
 Installments over 5-10-15-20year period, or
 Anticipated Life Span Option
 Roll over to another tax sheltered plan (IRA, 403b, etc.)
 Musttake IAP distributionwhen filingfor pensionbenefits
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7.  30 years PERS Total Creditable Service Time, or
 Age
 58 –Tier 1
 60 –Tier 2
 Early retirement
 55
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8.  Calculation Factors
 Age
 Service Time
 Final Average Salary
 Account balance
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9.  FullFormula
 Servicetime xfinalaverage salaryx .0167
 MoneyMatch
 Agefactorx accountbalancex2
 Formula +Annuity(Service priorto August21,1981)
 Servicetime xfinalaverage salaryx .01+Agefactor xaccount
balance
 Memberreceives benefitbasedonhighestcalculation
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10.  Normal retirement age
 Age65, or
 Age58 with 30 years of creditable servicetime
 Earlyretirement age 55
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11.  Benefit determined by formula
 Final average salary x years of servicex 1.5%
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12.  Websites and email linkfor PERS website
 PERS:http://oregon.gov/PERS
 PERSInsurance:http://pershealth.com
 IAP account:https://iap.csplans.com
 Toll-free telephone numbers
 PERS
 1-888-320-7377or503-598-7377
 PERS Insurance
 1-800-768-7377or503-224-7377
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13. 13
Fund
Sponsor
Employer
Contributions
Employee
Contributions
(paidbyUO)
TIAA-CREF Varies 6%
OUS – Fidelity Investments Varies 6%
AIGValic (closed after 10/07) Varies 6%

14.  All monthly contributions directed to chosen fund sponsor
 Employee decides how funds are invested
 Employee can change fund sponsor once per year
 Actual investment returns credited by each mutual fund or annuity selected by
participant
 Fund contributions and earnings grow and are available for withdrawal at
termination or retirement
 No contributions will be made during the 5 years of the TRP
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15. 15
ORP:tiaa-cref
TeachersInsuranceand Annuity Association – College Retirement
Equities Fund
http://www.tiaa-cref.org/ous
(800)842-2888
ORP:ous
Fidelity Investments
http://mysavingsatwork.com/ous (800)343-0860
ORP:aig valic
AIGVALIC
http://aigvalic.com (800)283-4892

16.  Insurance coverage – Not working
 MedicareIneligible
 MedicareEligible
 Coverage while working
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17.  PublicEmployeeBenefitBoard (PEBB)FullTime andRetireeplans
availableona selfpaybasisfor retireeandeligibledependents
 PERSplansavailabletoretiree andeligibledependentsona selfpay
basis;PERSTier1 and Tier2 ratesare subsidized
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18.  PERSMedicareSupplementandMedicare Advantageplansavailabletoretirees
(eligible forPERSbenefit) andtheireligible dependents
 Must beenrolledin MedicarePartsA (hospital) andB(physician andrelated services)
 Premiums canbedeductedfromPERSbenefitpaymentor paiddirectlybyretiree
 Non-PERSretirees can purchaseMedicare Supplementor MedicareAdvantageplans
directlyfromcarriersnotaffiliatedwiththe PERSRetireeHealth Insuranceprogram.
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19.  Stopretiree insurance
 Re-enrollinUniversityinsuranceprogram
 Allemployeespay5%of themedical/vision,dentalandbasiclife
premiums.
19 April 2015