Office of the Chancellor

Human Resources Div.

P.O. Box 3175

Eugene, OR 97403-0175

Fax: (541) 346-5783

Phone: (541) 346-5766

http://www.ous.edu

Date: June 9, 2004

From: Denise Yunker, Retirement Committee

OUS Human Resources Division

Re: 2005 Legislative Concept to Amend the Optional Retirement Plan (ORP) Authorizing Statute

Issue

Provision of a one-time opportunity for current PERS members to elect the ORP

Proposal Summary

Amendment permits PERS participants to elect the ORP for a limited period.

Policy Implications

This would override the irrevocable elections participants made prior to PERS reform that changed the worked hours requirement and added restrictive break in service rules.

Proposal Language

ORS 243.800

(3) An administrative or academic employee may elect to participate in an optional retirement plan offered under the provisions of this section in the following manner:

(a) An administrative or academic employee who is an active member of the Public Employees Retirement System may make an irrevocable election to participate in the plan within 180 days after the plan’s implementation date, within 180 days of January 1, 2006, effective as of the first of the month following the date of election.

(b) An employee, as defined in ORS 243.910 (2), who is an active member of the Public Employees Retirement System and who has elected, and not canceled that election, to be assisted by the State Board of Higher Education under ORS 243.940 may make an irrevocable election to participate in the plan within 180 days of the plan’s implementation date, effective as of the date of election.

(c) An administrative or academic employee who is hired after the plan’s implementation date may make an irrevocable election to participate in the plan within the first six months of employment, effective on the first of the month following six full months of employment.

Fiscal Impact

Undetermined

Legal Review

Pending