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Old 10-07-2010, 12:08 PM
 
Location: Myrtle Creek, Oregon
15,293 posts, read 17,575,011 times
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Quote:
Originally Posted by Brenda-by-the-sea View Post
It's difficult to make a sweeping generalization about the whole state. Salaries range from quite good in the large cities of the Willamette Valley to 1980's-level on the coast and in more rural areas. PERS is essentially the same throughout the state and is a good deal for those who got in at Tier 1. Whether it will still be solvent when you retire is another question.
PERS was frozen in 2003. It is not available to new employees. Instead, there is a 401k style investment that takes a mandatory 6% of employee salary, that can either be rolled into an IRA or converted to an annuity at retirement. Most employers make the payment directly, because that saves them payroll taxes and expenses.

Your annuity will depend on contributions and earnings. The state contributes nothing. At a rough guess, the annuity will pay 1.5% of your final salary for each year you serve. Thus, if you retire at 62 earning $80,000 after 20 years of service, your annuity will be about $ 24,000 a year. For the privilege, you will have paid $4800 in contributions your last year of employement. Not a great deal, but it's something.
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