The New Oregon State Retirement Plan And Social Security

Author : Mary Robert Hendrickson
Publisher :
ISBN 13 :
Total Pages : 210 pages
Book Rating : 4.:/5 (111 download)

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Download or read book The Retirement Income of a Selected Group of Retired Persons from Oregon State University written by Mary Robert Hendrickson and published by . This book was released on 1967 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study was to determine the actual retirement income for a selected group of retired persons from Oregon State University in order to obtain a more comprehensive understanding of the factors affecting retirement benefits. Statistical data on the records of 122 retired employes who were members and prospective members of the Association of Oregon State University Retired Persons were obtained from the State of Oregon Public Employes Retirement System (PERS). In addition, 29 retired employes from Oregon State University were respondents to a questionnaire given by the writer at a regular meeting of the Association. The data were transferred to IBM code sheets and subsequently to IBM cards and analyzed for significant influences. The questionnaire given to 29 retired employes focused on combined retirement incomes from PERS and Social Security; participation in medical and health insurance programs; and some attitudinal questions toward retirement living. The percentage of annual retirement income, for these 29 retired employes, from PERS and Social Security to salary at retirement, started with a median of 62 percent for salaries at the time of retirement of $2,000 to $3,999 and decreased to 23 percent for $8,000 and above. A majority of the respondents indicated participation in Medicare and Blue Cross. Seventy-two percent indicated that their total retirement income was insufficient for necessary living expenses. Of the 122 retired employes, 86 were members of the Association and 36 were prospective members. Eighty-five were academic and 37 were classified employes. Seventy-six of the employees were male and 46 were female. The retirement age of the 122 employes ranged from 61.25 to 76.50 years with a mean of 66.75 and a median of 66.00 years. The period of retirement varied from 0.25 to 18.50 years; the mean was 6.50 and the median was 5.50 years. Their present age ranged from 61.50 to 95.00 years with a mean and median of 73.25 years. Service periods with the State of Oregon were from 5 to 39 years with a mean of 25 and a median of 26 years. Monthly retirement income from PERS ranged from $5.76 to $203.02 with a mean of $89.07 and a median of $97.34. The employees' annual salaries at the time of retirement ranged from $2,100 to $19,000 with a mean of $7,371 and a median of $6,650. During their service the 122 employes had contributed into PERS amounts ranging from $51 to $11,582; the mean was $3,071, and the median was $2,444. Contributions were made to PERS on the maximum amount of salary allowable for the major portion of employment period by 113 of the 122 employes in this sample; the rate based on age and sex was selected by 109 of the 122 employes for the major portion of their employment period. The retired employes in this study had made the following selections: 52 chose the Refund Annuity Plan; 40 selected Option 1, the Non-Refund Plan; 21 selected Option 2, the Full Continuance Plan; and 9 employes selected Option 3, the Partial Continuance Plan. An analysis of the interrelated factors showed that the total retirement income of the 122 retired employes was affected by (1) total length of employment and calendar period when service was accrued, (2) amount paid into PERS, especially for those who had more recent service and (3) benefit options selected. The 122 retired employes in this study as a group selected the PERS provisions which purchased the maximum retirement benefits.