|
You received this email because you signed up through GovDelivery for Senate Bill 1049 Information or IAP Target-Date Fund/Member Choice Updates. Review your GovDelivery subscriptions here.
IAP Member Choice: Now available through September 30
This information is for members* who have not retired from their Individual Account Program (IAP). If you have already retired or withdrawn your IAP, Member Choice does not apply to you.
As a participant in the Individual Account Program (IAP), you are currently invested in the default IAP investment option, an IAP Target-Date Fund (TDF) based on your year of birth.
Through September 30, 2020, you have the option to make a "Member Choice election," which allows you to pick a TDF that better reflects your retirement savings goals or your personal risk tolerance.
- Note that any election you make in 2020 will not go into effect until January 1, 2021, which means you will not see annual investment returns until your 2021 Member Annual Statement, which is sent in spring 2022.
-
You can change your TDF only once per calendar year. The choice is irrevocable and cannot be canceled.
- If you make a choice, you are required to certify that you have learned about the Oregon Investment Council's IAP TDF strategy and considered the risk and return characteristics of your IAP TDF. Read Oregon State Treasury's "Understanding IAP Target-Date Funds and Member Choice" document to fulfill this requirement.
Member Choice is optional. You do not have to take any action. If you do nothing, you will continue to be invested in your current TDF.
Elect via Online Member Services
The easiest way to make a Member Choice election is through PERS' Online Member Services (OMS), now through September 30. By using OMS, you can view your current IAP TDF when making your election.
Note: As PERS works to modernize online access for members, please use Internet Explorer in compatibility mode when logging into your OMS account. Other web browsers may experience functionality issues.
Paper form option
If you cannot access OMS, a PDF form is now available to download, print, and mail or fax back to PERS. PERS cannot accept forms via email.
- Pay close attention to the instructions on the form if you choose this option instead of OMS.
- Forms must be received by PERS by September 30 to be effective January 1 of the following calendar year.
- In addition, if more than one TDF election is submitted to PERS, whether by the form or through OMS, only the first election received by PERS will be deemed valid.
*Only members who have not retired from their IAP can change their TDF. Also ineligible for Member Choice are: alternate payees, beneficiaries, public employees who have not yet completed their six-month waiting period to establish PERS membership, and members who have already withdrawn or distributed their IAP balance.
Questions about COVID-19 and PERS? Read our statement on COVID-19 and agency mitigation measures.
|
