Retirement Planning
Retirement - Are you prepared?
Have you begun asking yourself this question? This webpage pulls together many of the frequently asked questions and resources that will assist you in making this major life decision.
Keep in mind that almost all of your retirement planning will be completed through Oregon Public Employees Retirement System (PERS), as they are the pension plan administrator. Human Resources Benefits staff can help with general PERS inquiries; however, PERS is your best resource to answer specific retirement questions.
Where do I find information on PERS? https://www.oregon.gov/pers/
The PERS website is designed to assist you with the transition between working and retirement. The site has step-by-step instructions, estimate calculators, and education sessions to assist you with making your retirement decision.
When on PERS website, look for the "Non-retired members" tile. Click on the appropriate plan for your PERS tier.
(Unsure of your plan? Click on the link: What Plan am I in?)
Each plan will have a link titled "I want to retire"
What should I consider when deciding my exact retirement date?
Your retirement with PERS is always the first of the month following your last day of employment. PERS will start your retirement calculation once you are retired if the retirement application is completed and received in good order. Under Oregon state statute, PERS has 92 days to complete your retirement process and issue your first retirement check. For example, if your last day of work is June 15th, PERS considers you retired on July 1st and will begin working on your retirement application at that time. Your check will be issued within 92 days of your date of PERS retirement, and will include your pension benefits payable from your retirement date of July 1.
HR Personnel Rule 3.48.010: Voluntary Terminations
Per County rules, to resign in good standing, an employee must give the employee's department head or the County Administrator a written notice of resignation at least fourteen (14) calendar days prior to the effective date of the employee's resignation. The employee's department head or the County Administrator may agree to a shorter period of notice if an employee so requests, in writing, and provides a suitable explanation for the shorter notice period.
An employee who fails to provide at least a fourteen (14) calendar day notice and fails to obtain permission for a shorter notice period may be ineligible for rehire. Unless otherwise approved in advance by the employee’s department head and the County Administrator, or as otherwise required by law, an employee who voluntarily resigns must be present and on the job for one full week immediately prior to the employee’s termination date and must work on the termination date. If an employee takes any unauthorized leave during the employee’s final week of employment, the employee may be ineligible for rehire with the County, and the County may, at its discretion, alter the employee’s termination date.
I’ve decided my retirement date, now what?
As stated above, you'll need notify your supervisor in writing (14 or more days in advance). Supervisors who receive written resignation notices are to forward the notice to hr@deschutes.org so that the off-boarding process can begin.
On the "Steps to Retire" page on the PERS website, it provides step-by-step instructions on how to complete the PERS Retirement Application. The PERS "Pre-Retirement Guide" will answer many questions you may have on the application, such as a description of each of the pension options. This will be one of the most important decisions you will make when applying for your pension, so study your options carefully.
What about my Individual Account Program (IAP) or Deferred compensation accounts?
Your Individual Account Program (IAP) account is a separate defined contribution plan funded by a percentage that is based on your PERS member status (Tier 1, Tier 2, or OPSRP.) The County contributes 6% into the IAP. Some of this 6% contribution is "re-directed" into an Employee Pension Stability Account, or EPSA. More information on the IAP re-direct and the EPSA can be found here.
The IAP account is paid out separately from your retirement benefit. PERS has very limited options for IAP disbursement. For an explanation of PERS IAP disbursement options, choose the “Pre-Retirement Guide" from your PERS plan webpage and review "Section B: Your IAP retirement."
Deferred Compensation
If you have not participated in the county’s deferred compensation program, you may want to consider opening an account well before you retire. The PERS IAP account can be “rolled over” into a qualifying deferred compensation account. Deferred compensation accounts have much more flexibility regarding the distribution of funds. Additionally, you may want to consider changing your deferred compensation contribution to account for accrued leave payoffs on your final paycheck. Please note that under IRS regulations, any changes to your deferred compensation contributions must be made the month prior to your last day of work.
It is also very important to note that if you continue to be employed in any capacity by Deschutes County after your retirement, you continue to be subject to IRS regulations regarding 457 deferred compensation accounts. This means that you cannot withdraw from your deferred compensation account until you fully terminate from county employment, or have an unforeseen financial emergency as defined under IRS regulations. Please discuss this with your deferred compensation plan representative or contact Human Resources Benefit Staff if you have any questions.
Please refer to the Health Insurance Options on the Leaving Employment/Retiring webpage for options available to you at the time of your retirement.
You are welcome to reach out to Benefits staff via email at benefits@deschutes.org, or call (541) 388-6553 if you have further retirement questions.
