PERS Plan

Summary

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

Forms/Documents   

Links

PERS

PERS website

PERS Plan

Summary

PERS - OPSRP

Oregon Public Service Retirement Program – effective August 29, 2003

Waiting period – 6 consecutive calendar months

Retirement Age:  65 or 58 with 30 years of  service under PERS

Retirement Benefit:  Formula plus IAP 

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

PERS

PERS website