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Optional Retirement Plan (ORP) Review Committee

Optional Retirement Plan (ORP) Review Committee. Charge: Evaluate Options for the Oregon University System ORP. Submit report prior to December 1, 2012. No changes in response to recommendations before July 1, 2013. . Optional Retirement Plan (ORP) Review Committee. Recommendations:

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Optional Retirement Plan (ORP) Review Committee

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  1. Optional Retirement Plan (ORP) Review Committee Charge: Evaluate Options for the Oregon University System ORP. Submit report prior to December 1, 2012. No changes in response to recommendations before July 1, 2013.

  2. Optional Retirement Plan (ORP) Review Committee Recommendations: • Simplify and consolidate assets: Eliminate requirement for two insurance products and two mutual funds. • Ongoing eligibility: Once initial criteria are met, no ongoing requirement. • Creation of Tier 4: 8% employer contribution + 4% employer match up to first 4% of employee contribution. • Retain current contributions, benefits and privileges of Tiers One, Two and Three ORP Participants.

  3. Optional Retirement Plan (ORP) Review Committee Contingency: • What if 6.0% employer pick-up of employee contribution is taken away? • If it is to the benefit of all employees, modify statute to allow conversion of Tier 3 to Tier 4. This must apply to all Tier 3 employees.* * Next employer assessment for Tier 1 and 2 employees is 26.5%.

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