Oregon Savings Growth Plan
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.
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 2011 is $16,500. If the participant is age 50 or older, an additional $5,500 may be deferred each year. Participants can contribute up to 100% of their monthly salary, or as little as $25 per month as their before-tax contribution. Contributions will be deducted automatically from the participant's paycheck.
Participants 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
Participants 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. Participants are able to view their individual account information, and the performance of each investment option, online and through an automated telephone system. OSGP allows participants to make changes to contributions and investment options on a regular basis.
To request an enrollment packet use the Benefits Material Request form. For more information visit http://www.oregon.gov/PERS/OSGP/index.shtml.