Public Employees Retirement (PERS)
|
PERS - Tier I & II |
Public Employee Retirement System (PERS)
- Waiting period: 6 consecutive months
- Retirement Age:
- Tier 1 - Age 58 or 30 years of service under PERS
- Tier 2 - Age 60 or 30 years of service under PERS
- Retirement Benefit: Defined Benefit formula as shown below or money match, if applicable, plus Individual Account Program (IAP)
Defined Benefit Plan: 1.67% x Final Average Pay x years of service. Final Average Pay includes Vacation/holiday and credit for 1/2 sick leave balance.
No more contributions to money match after 1/1/04
Individual Account Program (IAP) was effective January of 2004 - City of Salem contributes 6% of your base wages |
|
PERS - OPSRP |
Oregon Public Service Retirement Program – effective August 29, 2003
Defined Benefit: 1.5% x Final Average Pay x years of service under PERS or ORSRP. Final Average Pay does not include vacation/holiday or sick credit.
Defined contribution - Individual Account Program (IAP) - City of Salem contributes 6% of your base wages. |
|
Forms/Documents |
Links |
|
All forms related to this plan can be found in the benefits Forms Library.
Click Here to go to the Forms Library. |
PERS website
Public Employees Retirement System
Information (888) 320-7377 |
|
|
|
|
|
|