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updated 5:49 PM PDT, May 27, 2016

PERS retirements triple

A change in benefit formula helps triple the number of PERS retirements in December.

The number of retirements tripled in December compared to the past three Decembers, according to the state Public Employees Retirement System.

The increase is likely due to a change in the mortality tables used to calculate benefits.

That change, which took effect Friday, is expected to reduce monthly retirement benefits by about 2 percent, reflecting the actuarial assumption that retirees will live longer so benefits will be paid for a longer duration.

Many of the retirees actually will work through the remainder of the school year — a controversial practice known as "double-dipping." As contract employees with the district, such workers collect two checks: one for their regular salary and one for their monthly retirement benefit.

Read the full story at the Statesman Journal.

{biztweet}Oregon PERS retirement{/biztweet}

Last modified onMonday, 19 October 2015 11:39

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