Earlier this month the Oregon Supreme Court upheld cuts to our retirement plans that legislators passed in 2019. The legislation, Senate Bill 1049, impacts your Individual Account Program (IAP). It does not impact your pension or any contributions you make to the Oregon Savings Growth Plan. For more information, please read our FAQ.
There are two related changes that you should be aware of in September.
SB 1049 gave members the ability to change their target date fund. This allows you to adjust the amount of risk you want to take with your retirement savings. Adjustments are only available to non-retired members between September 1 and September 30 of this year. Click here to get started.
Since your IAP contributions went down in June, you have the option to “make whole” your IAP by contributing more of your post-tax earnings to your retirement account. There will be an open enrollment period for this, most likely in late September/October. Click here to learn more.