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OPERS is a defined benefit retirement plan qualified under Section 401(a) of the Internal Revenue Code. [2] The plan provides a lifetime retirement benefit when members meet age and service eligibility requirements. [3] Members participate in OPERS by contributing a portion of their salary each pay period.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
The Public Employees Retirement System (PERS) is the retirement and disability fund for public employees in the U.S. state of Oregon established in 1946. Employees of the state, school districts, and local governments are eligible for coverage. A health insurance plan for covered retirees was added to the program in 1987.
The Federal Employees Retirement System, or FERS, consists of three government-sponsored retirement plans: Social Security, the Basic Benefit Plan, and the Thrift Savings Plan.
Changes to retirement plan contributions. The Internal Revenue Service announced record-high maximum annual contributions to 401(k) and similar retirement accounts for 2023. Workers who have a 401 ...
Retirement plan and IRA required minimum distributions FAQs. IRS. Accessed December 13, 2024. Social Security Retirement Age Calculator. Social Security Administration. Accessed December 13, 2024.