PERS Update - For Informational Purposes Only

• We provide this information to assist employees in researching, reviewing, and evaluating how proposed PERS reform and/or changes may affect their retirement benefits. 
• Employees are responsible for researching, verifying, and evaluating how these changes and reform measures may impact them and their retirement benefits. 
• UO is NOT providing legal interpretation of the PERS reform and/or changes and cannot evaluate how these changes may impact an individual employee’s retirement benefits. 

Police and Fire OPSRP Retirement Age Decreases

Effective January 1, 2025, the normal retirement age for Oregon Public Service Retirement Plan (OPSRP) Police and Fire job classification members who have fewer than 25 years of service will decrease from 60 to 55, per House Bill 4045 (2024).

Oregon Legislature Extends Work After Retirement Limits

House Bill 2296 extends the Work After Retirement program for another 10 years to 2034. The program allows most retirees to work unlimited hours for a PERS participating employer.

PERS Assumed Earnings Rate

On September 29, 2023, the PERS board voted to keep the assumed rate at 6.9%. The “assumed rate”—the rate of investment returns (including inflation) that the PERS Fund’s regular account is expected to earn over the long term—is reviewed by the PERS Board every two years when considering all the actuarial methods and assumptions that are used to assess the system’s financial position.

For more information, visit the PERS website.

The Benefits Office recognizes that PERS reform generates interest in retirement planning. While we cannot specifically advise individuals on how proposed or implemented changes may impact their retirement benefits, we strongly encourage PERS members to stay informed, get a PERS estimate, and meet with a financial advisor.

Stay Informed

Changes to the Public Employees Retirement System (PERS) system and reports about proposed reform generate discussion and many questions. You are encouraged to research and monitor PERS legislation to determine how these changes may impact you:

• Monitor future legislation using the Oregon State Legislature website.

Get a PERS Estimate

One of the best ways to evaluate the impact changes to PERS has on an individual's retirement is to request an estimate from PERS. Online pension estimates are available to anyone through the Online Member Services webpage.

Online pension estimates are available to anyone:

• Go to Online Member Services webpage.
• Click on "Log In" in the upper right corner.
• Log in using your User ID or "Open a New Account."
• You're now on the Account Home Page.
• Click on "Member" in the "Account Plan" section, you are now on the Account Summary Page.
• Click on "Benefit Estimate" (on the left hand side of the screen).
• Click on "Create a New Benefit Estimate," the system will ask a series of questions (i.e., retirement date, beneficiary, etc.)

For those who are within two years of retirement, it is recommended that they get a written pension estimate from PERS:

• Submit an online request form:
  • Tier 1/Tier 2
  • OPSRP
• PERS processes request in the order of retirement date (not in the order requests are received).  We recommend using the earliest retirement date possible.
• Here is information helpful to completing the form:
  • Maximum vacation payout for an Unclassified employee is 180 hours.
  • UO does participate in the PERS sick leave program.
  • Retirement date is always the first of the month, regardless of last day worked.
  • ORP members –
    • use salary data from date last in a PERS position.
    • use sick leave balance at the time membership changed from PERS to ORP (i.e., 1996).
    • do NOT use a vacation balance because unused vacation (if applicable) was not paid out when you changed to the ORP pension program.
• Fax or mail form directly to PERS as directed on the form.

Meet with a Financial Advisor

Regardless of legislative action, a licensed financial advisor can assist and advise you with your specific retirement goals and needs. Visit the Find a Financial Advisor webpage in our Retirement Planning Guide for more information.