All David Douglas School District employees pay 6% of their gross taxable income into their PERS IAP (Public Employees Retirement System-Individual Account Program).
This is mandated by Oregon state law – see the PERS website for more information at http://www.oregon.gov/pers/Pages/PERS-101.aspx. The 6% PERS deduction is mandated by state law, you cannot opt out of it, change the percentage or add to it. (OAR459 under Oregon Administrative Rule)
This deduction shows on your paycheck under Employee Deductions. The PERS deduction is deducted from all employees except retirees and students. Deductions from employees prior to the 6 month waiting period or who don’t work in a position that sustains 600 hours of work per calendar year will be refunded in late Spring of the following year, after the annual PERS reconciliation.
Payroll can answer general/basic questions regarding PERS, but we do not have access to your account nor can we tell you what your options are when it comes to retirement. That is between you and PERS. Payroll recommends that you keep copies of all forms you send or give to PERS – for changes, retirement, etc. It is the best way you can keep up with the status of your PERS account.
On your paycheck you will also see Employer contribution amounts for [PERS Tier 1/Tier 2] or [PERS OPSRP] along with [PERS Bond]. These amounts are paid by the district, based on your wages, but does not go into your individual account. This contribution becomes part of the PERS general fund to pay for current and future retirement benefits, administrative costs, and disability claims, and for accounts that exceed life expectancy timelines.