Eligible employees may elect pre-tax salary deductions for this retirement savings plan at any time during the year. The plan is administered through PERS, and several different investment options are available.
- Eligible employees
- include Full-Time and Part-Time Faculty, Classified, Managerial, Academic Professionals, Confidentials, and Casual employees.
The Oregon Savings Growth Plan (OSGP) is a 457 deferred compensation plan that provides you with a convenient way to save for your retirement. It allows you to contribute a portion of your salary from an OSGP participating employer on a pre-tax basis. Your contributions plus earnings continue to grow on a tax-deferred basis until you receive a distribution.
The maximum annual contribution amount in 2016 is $18,000. If you are age 50 or older, you may contribute an additional $6,000 each year. Or, if you are within three calendar years of the year in which you are eligible to retire, you may be eligible to contribute double the annual IRS contribution limit.
You may contribute up to the maximum annual contribution into both a tax deferred annuity plan (403b) and the OSGP (457) at the same time.
The OSGP's investment options make it easy to tailor a portfolio to individual needs. There are nine investment options that range from fixed to variable investments, and from conservative to aggressive risk levels. The investment options are overseen by the Oregon Investment Council and most investment options are a blend of several professionally managed mutual funds. The investment options are listed in order from conservative to aggressive.
- Short-Term Fixed Option
- Stable Value Option
- Intermediate-Term Fixed Income Option
- Balanced Fund Option
- Large Company Value Stock Option
- Stock Index Option
- Large Company Growth Stock Option
- International Stock Option
- Small/Mid-Size Company Stock Option
You may invest in as few as one investment option or as many as all nine. Investment allocations depend on individual needs and goals and may be different for each person. You may view your individual account information and performance of each investment option online and through an automated telephone system. OSGP allows you to make changes to contributions and investment options on a regular basis.
For more information or to obtain an enrollment packet visit the OSGP website.