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Employees hired on or after August 29, 2003, become part of OPSRP (after working for the City <br />for asix-month waiting period), unless membership was previously established in PERS. A Tier <br />One or Tier Two PERS member who has asix-month service break becomes a member of <br />OPSRP for any subsequent employment upon rehire. <br />Contributions <br />The City pays the entire contribution (based on salary) to the PERS retirement program for City <br />employees. This includes the "employer" contribution plus a 6% "employee pick-up." <br />Vesting <br />You are "vested" in the OPSRP retirement program and eligible for a retirement pension after <br />completing at least 600 hours of service in each of five calendar years. <br />For more information, consult the Oregon PERS Website (www.pers.state.or.us). <br />Deferred Compensation <br />Eligibility <br />Regular part-time and full-time employees are eligible to participate in the Deferred Compensation <br />Plan. This voluntary supplemental retirement program allows you to have part of your salary <br />withheld and invested for payment to you upon termination. The deferred amount and the interest <br />earned on investment are not subject to current State and Federal income tax. When you receive <br />the money, it will be taxed as ordinary income based on regular W-4 withholding. The City's <br />Deferred Compensation Plan is regulated by the Internal Revenue Service (under IRC 457). <br />Enrollment <br />You may enroll in the deferred compensation program at any time. The effective date is the first of <br />the month after you complete the enrollment form. You may stop your contribution at any time by <br />submitting the appropriate form to Payroll. <br />Deferral Amount <br />Currently, you~may defer 100% of your salary up to certain annual calendar year maximums. Prior <br />to retirement, you may defer an additional amount under acatch-up provision. <br />Non-represented employees who defer at least one percent of salary receive a two percent City <br />contribution to their deferred compensation account. <br />Withdrawals <br />The deferred compensation program is for your retirement. You may withdraw your funds if you <br />leave City employment. While employed by the City, you may only receive deferred comp funds in <br />the case of a severe, unanticipated financial hardship, or under the Voluntary Small Account <br />Withdrawal - as defined by the Internal Revenue Code. <br />Termination of Employment <br />At the time of your employment termination or retirement, you should contact your deferred <br />compensation carrier for details on withdrawing funds from your account. <br />For more information on deferred compensation, see the HRRS Intranet site <br />(http://ceonline/HRRS/RISK/Benefits/DefComp.htm), or contact HRRS. <br />Page 26 <br />