Presentation is loading. Please wait.

Presentation is loading. Please wait.

Open Enrollment Plan Year 2014

Similar presentations


Presentation on theme: "Open Enrollment Plan Year 2014"— Presentation transcript:

1 Open Enrollment Plan Year 2014
Open Enrollment & HEM Health Assessment : 2-Step Process Step 1: PEBB Open Enrollment Completion – confirm your benefit elections, make changes, re-enroll in flexible spending accounts, AND indicate your HEM participation status for the 2014 plan year.  Step 2: HEM Health Assessment Completion – If you elect to participate in the HEM for 2014, you and your enrolled spouse/domestic partner must complete the HEM Health Assessment again between September 1 and October 31, 2013. Additional Information & Help Sessions: or (541) oregonstate.edu/admin/hr/openenrollment Help Sessions – Valley Library, Barnard Classroom October 16th: 2pm – 4:30pm October 24th: 2pm – 4:30pm October 28th: 2pm – 4:30pm November 23, 2018

2 4727 November 23, 2018

3 Optional Retirement Plan (ORP) Senate Bill 269
2013 Legislation - ORP Optional Retirement Plan (ORP) Senate Bill 269 Recommendations from OUS ORP Committee Creation of ORP Tier 4 Effective for new hires on or after July 1, 2014 No longer tied to PERS Employer Contribution 8% Employer Matching up to 4% November 23, 2018

4 Senate Bill 822 (Regular Session)
2013 Legislation - PERS Senate Bill 822 (Regular Session) Amends Cost of Living – impacts ALL retirees (current & new), all Tiers 1.5% on a benefit that is between $20,001 and $40,000, 1% on a benefit that is from $40,001 to $60,000; and 0.25% on all benefits above $60,000. Eliminates Tax Remedy – impacts CURRENT retirees (retired prior to 1/1/2012) Senate Bill 862 (Special Session) Prevents “spiking” of Average Ending Salary for health insurance coverage for OSPRP members – does NOT impact OSU retirees Allows for garnishment of PERS pension for restitution or compensatory damages if convicted of a felony Prohibits most new legislators from becoming members of PERS November 23, 2018

5 Supplement #2 for yearly benefits $20,000 or less
2013 Legislation - PERS Senate Bill 861 (Special Session) Further reduces Cost of Living – impacts ALL retirees, all Tiers 1.25% on a benefit that is between to $60,000; 0.15% on all benefits above $60,000; and Supplemental Payments SB 861 (replaces SB 822) Yearly Benefit SB 822 COLA Supplement #1* Supplement #2 for yearly benefits $20,000 or less <$20,000 2.00% 1.25% 0.25% $20,000 - $40,000 1.50% --- $40,000 - $60,000 1.00% > $60,000 0.15% $150 November 23, 2018

6 Assumed Rate – 7.75% (from 8%)
2014 – PERS Changes Assumed Rate – 7.75% (from 8%) Regular Tier 1 member accounts – earnings rate Rate has not been adjusted since the 1980s Used to annuitize Money Match and Formula+Annuity pension calculations for Tier 1 members Example of impact: If employee did not retire on 12/01/2013, would need to work an additional three months in order to receive the same level of benefit Actuarial Equivalency Factors (AEFs) Updated every two years Used to annuitize the pension benefit over the retiree’s estimated life expectancy (Money Match and Formula+Annuity) In the past, changes to AEFs would have required an employee to work 2 to 4 months longer to receive the same level of benefit Scheduled to be adopted in November 2013 November 23, 2018

7 2014 – PERS Changes Combined impact of the Assumed Rate to 7.75% and subsequent change in AEFs Impacts Tier 1 members retiring under either the Money Match or Formula+Annuity pension calculation Does not impact PERS members retiring under the Full Formula calculation Benefits would be reduced by approximately 2.3% for a Tier 1 member retiring at age 55 – Money Match 1.9% for a Tier 1 member retiring at age 65 – Money Match Formula+Annuity benefits is impacted approximately half as much as the Money Match benefits Employee not retiring on December 1, 2013, would need to work approximately 6 months longer to get the same level of benefit (estimate only based on prior impact of AEF changes + impact of Assumed Rate changes PERS has not published estimates yet, most likely to be posted in November 2013) November 23, 2018

8 Resources http://oregonstate.edu/admin/hr/benefits/pers-update
November 23, 2018


Download ppt "Open Enrollment Plan Year 2014"

Similar presentations


Ads by Google