Oregon Pers Money Match Calculation

The Oregon Public Employment Retirement System (PERS) offers a money match program to help public employees save for retirement. This calculator helps you determine how much your employer will match based on your contributions and service years.

How PERS Works

The Oregon Public Employment Retirement System is a defined benefit pension plan that provides retirement benefits to eligible public employees. The money match program is designed to encourage employees to contribute to their retirement savings.

Employees who participate in the money match program can receive a percentage of their contributions matched by their employer. The match rate varies based on the employee's years of service and the amount contributed.

Money Match Details

The money match program has several key components:

Contribution Percentage: The percentage of your salary that you contribute to PERS
Years of Service: The number of years you've worked for the same employer
Match Rate: The percentage of your contributions that your employer will match

The match rate is determined by a formula that considers both your contribution percentage and years of service. The more you contribute and the longer you've worked, the higher your match rate.

Calculation Method

The money match amount is calculated using the following formula:

Money Match = (Contribution Percentage × Salary) × Match Rate

The match rate is determined by:

First 5 years of service: 50% match
Years 6-10: 60% match
Years 11-15: 70% match
Years 16-20: 80% match
Years 21+ and contributions ≥ 5%: 90% match

For example, if you contribute 5% of your $60,000 salary with 10 years of service, your match rate would be 60%, resulting in a $1,800 match.

Example Calculation

Let's calculate the money match for an employee with the following details:

Salary: $55,000
Contribution Percentage: 4%
Years of Service: 8

Step 1: Calculate your contribution amount

Contribution Amount = 4% × $55,000 = $2,200

Step 2: Determine the match rate based on years of service

Since 8 years falls between 6-10 years, the match rate is 60%

Step 3: Calculate the money match amount

Money Match = $2,200 × 60% = $1,320

In this example, the employee would receive a $1,320 money match from their employer.

Frequently Asked Questions

How does the money match program work? +

The money match program matches a percentage of your contributions to your PERS account based on your years of service and contribution percentage. The more you contribute and the longer you've worked, the higher your match rate.

What's the maximum match rate I can get? +

The maximum match rate is 90% for employees with 21+ years of service and contributions of 5% or more of their salary.

Can I contribute more than 5% to get a higher match? +

Yes, contributing more than 5% can increase your match rate, especially for employees with 21+ years of service. However, the maximum match rate is still 90%.

How often is the money match calculated? +

The money match is typically calculated annually based on your contributions and years of service as of the previous year.