Oregon Savings Growth Plan 457(b)
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.
All part-time and full-time employees are eligible to contribute, except student employees who are exempt from FICA taxation..
The Oregon Savings Growth Plan (OSGP) is a 457(b) 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. As of January 1, 2023, PCC offers the ability to contribute to an after-tax Roth 457(b) through OSGP.
The maximum annual contribution amount in 2023 is $22,500. If you are age 50 or older, you may contribute an additional $7,500 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 403(b) and the OSGP 457(b) at the same time.
The OSGP’s investment options make it easy to tailor a portfolio to individual needs. There are a variety of 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.
- 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.
For more information or to obtain an enrollment packet visit growyourtomorrow.com. Note: PCC employees are not able to enroll online at this time and must complete a paper enrollment packet instead.
Once you send your enrollment packet to OSGP, it can take 2-3 paychecks before the contribution starts. If you want the contribution to start on the next available paycheck, you will first need to send the enrollment forms to OSGP to set up your account, then complete and turn in the 403(b) and 457(b) Enrollment – Salary Reduction Agreement to Payroll and Benefits by the 15th of the month for the changes to happen on the first paycheck in the following month.