University of Oregon 2019 Annual Financial Report
Notes to the Financial Statements
For the Year Ended June 30, 2019 (dollars in thousands)
11. Government Appropriations
Government appropriations comprised the following:
General
Operations
June 30, 2019
Debt
Service
Total
$ 71,910 $ 1,972 $ 73,882
515
State General Fund
State Lottery Funding
Total Appropriations
$
515
72,425 $ 1,972 $ 74,397
June 30, 2018
General
Operations
Debt
Service
Total
State General Fund
State Lottery Funding
Total Appropriations
$ 70,211 $ 1,972 $
515
$ 70,726 $ 1,972 $
12. Pension and OPEB Liabilities
72,183
515
72,698
The UO participates in multiple employer pension
and OPEB plans. The following table presents the
university's proportion of the liabilities:
June 30,
2019
June 30,
2018
Net OPEB Liability (RHIPA)
$
Total OPEB Liability (PEBB)
Net Pension Liability
2,210 $
13,135
305,554
3,777
12,221
298,606
Net Pension & OPEB Liabilities $ 320,899
$ 314,604
13. Employee Retirement Plans
The UO offers various retirement plans to qualified
employees as described below.
Oregon Public Employees Retirement
System-Oregon Public Service
Retirement Plan
General information about the Pension Plan
Name of the pension plan: The Oregon Public Employees
Retirement System (PERS) is a cost-sharing multiple-
employer defined benefit plan.
Plan description: Eligible employees of the UO, except
those who select the Optional Retirement Plan (ORP), are
provided with pensions through PERS.
PERS memberships prior to January 1, 1996 are Tier One
members. The 1995 Oregon Legislature enacted Chapter
654, Section 3, Oregon Laws 1995, which has been codified
into ORS 238.435. This legislation created a second tier of
benefits for those who established membership on or after
January 1, 1996. The second tier does not have the Tier One
assumed earnings rate guarantee and has a higher normal
retirement age of 60, compared to 58 for Tier One. Both
Tier One and Tier Two are defined benefit plans. The ORS
Chapter 238 Defined Benefit Pension Plan is closed to new
members hired on or after August 29, 2003.
The 2003 Legislature enacted HB 2020, codified as ORS
238A, which created the Oregon Public Service Retirement
Plan (OPSRP). OPSRP consists of the Pension Program
Defined Benefit (DB) and the Individual Account Program
(IAP). The IAP is a defined contribution plan. Membership
includes public employees hired on or after August 29, 2003.
Beginning January 1, 2004, PERS active Tier One and Tier
Two members became members of IAP of OPSRP. PERS
members retained their existing Defined Benefit Plan
accounts, but member contributions are now deposited into
the member's IAP account, not into the member's Defined
Benefit Plan account. Accounts are credited with earnings
and losses, net of administrative expenses. OPSRP is part of
PERS and is administered by the PERS Board.
PERS issues a publicly available financial report that can
be obtained at: www.oregon.gov/pers/Pages/Financials/
Actuarial-Financial-Information.aspx.
Benefits provided under Chapter 238-
Tier One/Tier Two
1. Pension Benefits. The PERS retirement allowance
is payable monthly for life. It may be selected from
13 retirement benefit options. These options include
survivorship benefits and lump-sum payouts. The basic
benefit is based on years of service and final average salary.
A percentage (2.0 percent for police and fire employees,
1.67 percent for general service employees) is multiplied
by the number of years of service and the final average
salary. Benefits may also be calculated under either a
formula plus annuity (for members who were contributing
before August 21, 1981) or a money match computation if
a greater benefit results.
A member is considered vested and will be eligible at
minimum retirement age for a service retirement allowance
if he or she has had a contribution in each of five calendar
years or has reached at least 50 years of age before ceasing
employment with a participating employer (age 45 for
police and fire members). General service employees may
retire after reaching age 55. Police and fire members are
eligible after reaching age 50. Tier One general service
employee benefits are reduced if retirement occurs prior
to age 58 with fewer than 30 years of service. Police and
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