![]() ![]() Participation in these plans is voluntary. OPERS members who are state employees are also eligible to participate in two defined contribution plans administered by OPERS and collectively known as SoonerSave – the Oklahoma State Employees Deferred Compensation Plan (DCP) and the Oklahoma State Employees Deferred Savings Incentive Plan (SIP). Rather, OPERS retirement benefits are based on a formula: YEARS OF SERVICE x FINAL AVERAGE SALARY x COMPUTATION FACTOR OF 0.02 (or 2%)ĭefined Contribution Plans ( SoonerSave) The amount of contributions does not determine the amount of the benefit OPERS promises. The paid contributions are invested by OPERS, under the direction of the Board of Trustees, to provide benefits to present and future members of the system. Participating employers also contribute on behalf of their participating employees. Members participate in OPERS by contributing a portion of their salary each pay period. The plan provides a lifetime retirement benefit when members meet age and service eligibility requirements. OPERS is a defined benefit retirement plan qualified under Section 401(a) of the Internal Revenue Code. The plan serves approximately 30,000 benefit recipients, 50,000 active members and 300 participating employers. The Oklahoma Public Employees Retirement System was created in 1964 and administers retirement plans for several different types of government employees, including state and local government employees, state and county elected officials and hazardous duty employees. 3 Defined Contribution Plans ( SoonerSave). ![]()
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