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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 /> <br /> Page 26 <br /> <br />