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, 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 2022 is $20,500. If you are age 50 or older, you may contribute an additional $6,500 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 11 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.
- LifePath Options
- Stable Value Option
- Active Fixed Income Option
- Real Return Option
- Large Company Value Stock Option
- Stock Index Option
- Socially Responsible Investment Option
- Large Company Growth Stock Option
- International Stock Option
- Small Company Stock Option
- Self-Directed Brokerage Option
You may invest in as few as one investment option or as many as all of them. 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.