What is Oregon Senate Bill 1049?

What is Oregon Senate Bill 1049?

SB 1049 is a comprehensive piece of legislation intended by the Oregon Legislature to address the increasing cost of funding Oregon PERS, by providing relief to public employers for escalating PERS contribution rate increases.

What is Oregon employee pension stability account?

The Employee Pension Stability Account (EPSA) was created by the Oregon Legislature through Senate Bill (SB) ​1049 (2019). EPSA’s function is to help pay for part of your lifetime, monthly pension benefit when you retire.

Is Oregon PERS a 401k?

The Oregon Public Employees Retirement System (PERS) is a 401(a) defined benefit plan with Internal Revenue Code 414(k) accounts (the IAP).

Is pers taxable in Oregon?

PERS benefits are subject to both federal and Oregon state income taxes. PERS will withhold federal and Oregon state tax from your monthly benefit check at the default rates determined by the IRS (married, three exemptions) and the Oregon Department of Revenue (single, zero exemptions).

Can I add to my IAP?

By electing to make IAP voluntary contributions, you authorize your employer to withhold additional after-tax IAP contributions equal to the amount redirected to your Employee Pension Stability Account (EPSA). Learn more about the redirect and EPSA for Tier One/Tier Two or OPSRP members.

Who is the plan sponsor for Pers in Oregon?

The Oregon Legislature is the “plan sponsor” for PERS, the system, and has the sole authority to determine the benefit structure for public employees. PERS, the agency, administers the retirement system (the “plan”) for participating public employers, and must follow all state and federal laws. SB 1049 Overview

How do I get my Oregon PERS annual statement?

If you are signed up for GovDelivery, PERS’ email communicati on tool​ ​, information will come from [email protected]​com. PERS mailed 2020 member annual statements to all nonretired members in May 2021.

How can I get alerts from Pers on Senate Bill 1049?

You can also ​ sign up for GovD​elivery updates to receive email or text alerts from PERS on Senate Bill 1049. Wildfires, earthquakes, ice storms — When incidents arise in your area, how will you know what to do?

What does the Oregon Legislature do for public employees?

The Oregon Legislature is the “plan sponsor” for PERS, the system, and has the sole authority to determine the benefit structure for public employees. PERS, the agency, administers the retirement system (the “plan”) for participating public employers, and must follow all state and federal laws.