Claim OwnershipOregon Public Retirement
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© Daniel Ryan
Description
From pension planning under PERS & FPDR, to health care planning under PERS Health Insurance we are going to be teaching the ins and outs of financial planning unique to Oregon's heroes. Our goal is to educate you on the many benefits available and unique to a public servant in Oregon so that you can take action today to better your financial picture. We will be diving deep into topics regarding your pension options, coordinating out of state pensions, Social Security, Medicare, Union Contract retirement benefits, investment planning, tax planning strategies and much more.
57 Episodes
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Since 2004 all active members have been contributing into an account called the IAP. Changes have occurred with your investment options, contributions and more. Learn the details you need to take action!
If you have the wrong hire date or creditable years of service recorded with PERS, you may benefit from conducting a Data Verification and/or Account Reconciliation.
Tier 1 and Tier 2 members may have a portion of their pension account invested in stocks that can potentially make your pension amount change. Learn more to see if this the right plan for your strategy, or learn how to get out of the variable account.
PERS now allows members to work unlimited amounts for PERS employers, while collecting your pension. Learn more about how to 'work the bubble' and double dipping to turbo charge your retirement plan.
The Oregon Public Service Retirement Plan (OPSRP) in Oregon PERS have one calculation method called Full Formula. While it is a simple calculation there are several factors and strategies we will walk you through in this episode!
Tier 2 members in Oregon PERS have two separate calculations: Full Formula and Money Match. PERS will give you the best outcome after running all three equations.
Tier 1 members in Oregon PERS have three separate calculations: Full Formula, Money Match and Formula Plus Annuity. PERS will give you the best outcome after running all three equations.
To vest in Oregon PERS, you must wither work at least 600 hours per year for five years in a PERS-qualifying position or reach normal retirement age (65 for general service) and be working in a qualifying position. We discuss changing employers and much more!
In 2019 Senate Bill 1049 passed and began "redirecting" contributions from the IAP to the EPSA. This is to help PERS pay for the pension since they have a $28 Billion unfunded liability.
If you do not vest in Oregon PERS, then have more than 5 years not working for a PERS employer, you may go into Loss of Membership. This means you will not get a pension, and if you come back to a PERS employer you start from scratch. Potentially in a new pension within PERS.
Audiobook 23: Putting it All Together
Audiobook Chapter 22: Tax Benefits for Small Farms
Audiobook Chapter 21: The Gig Economy Tax Planning
Audiobook Chapter 20: Directly Held Investment Real Estate
Audiobook Chapter 19: Tax Planning
Audiobook Chapter 18: Retirement Income & Investments
Audiobook Chapter 17: Risk Management and Insurance
Audiobook Chapter 16: Estate & Legacy Planning
Audiobook Chapter 15: Should I Hire a Financial Advisor?
Audiobook Chapter 14: Health Insurance for Early Retirement
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