Nowadays, almost every employer offers some sort of retirement plan for its employees. Sometimes, the employees may not fully understand or even be aware of what is available to them. We have found that many faculty and staff of the University of Oregon are among those who aren’t aware of all their retirement options.

4 Retirement Plans You Should Know About:

1.  Public Employees Retirement System of Oregon (PERS): PERS is a defined benefit (or pension) plan available to eligible university employees and other public employees in the state of Oregon. It provides retirement, disability, and death benefits based on years of service, age, and salary. Members contribute a portion of their salary to the plan, which is then matched by the university. PERS offers financial security and stability to retirees, ensuring a steady income stream throughout their golden years.

2.  Oregon University System Optional Retirement Plan (ORP): ORP is a defined contribution plan that allows eligible employees to choose from various investment options offered by approved providers. Unlike PERS, ORP members have more control over their retirement savings and investment decisions. Contributions to ORP are made on a pre-tax basis, helping employees maximize their retirement savings potential. ORP offers flexibility and portability, allowing employees to take their retirement savings with them if they change employers within the Oregon university system.

3.  403(b) Tax-Sheltered Annuity (TSA) Plan: The university offers a 403(b) TSA plan, allowing employees to save for retirement on a tax-deferred basis. Employees can contribute a portion of their salary to the plan, which can be invested in various mutual funds, annuities, and other investment vehicles. The university may also match a portion of employee contributions, providing an additional incentive to save for retirement.

4.  Voluntary Retirement Savings Plans: In addition to the above retirement plans, the university offers voluntary retirement savings options such as the Roth 403(b) and Traditional IRA plans. These plans allow employees to supplement their retirement savings and tailor their investment strategy to meet their specific financial goals and risk tolerance.

The University of Oregon provides its employees with a broad array of retirement plans. Whether seeking a traditional pension plan, a self-directed investment approach, or a combination of both, employees have many options. JourneyTree Financial Advisors has helped numerous faculty members navigate the complicated university retirement system.

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