The Oregon state employee., July 01, 1947, Page 18, Image 18

Public Employes Retirement
News and Sidelights
Mt- Sayler replied
follows: "I do
not believe there is any simple formula
which could be used by the individual
to estimate his potential pension. If a
formula is simple enough to be readily
understood, f t, will not be very accu­
rate. If I t is to be accurate, it certainly
will not be simple,” |
However, Mr. Sayler then proceeds
to help us out and continues as follows:
”Prior service——' The pension from
prior service is easy; $2.50 per month at
age 65 for each year of prior service
credit, up to -2,0 years,y$s evidenced by
prior service Certificate issued to each
member by this department.
"Current service ^ M e a n in g service
after July 1, 1946, is not so easy. Based7
bn salaries not exceeding $200 per
month, an employee. 3 5 years of age or
over at the time he acquired member­
ship in the system, will add approxi­
m a te ly - f j^ th of half-pay.,to his pen-
I sion for each ;,yeyir of such current
service. If he is youpger than 3 5,. and
hende has more th a n /30 years to go
before reaching age 65, we cannot use
the figure of l/fO th of half-pay. If
he is v30 years old and has 3 5 years of
current service ahead of him, each
/jr^ar ,of current service will add ap­
proximately R H B of half-pay. If he
Administrator Furnishes Data
Mr. Jerry S. Sayler has graciously I is 25 years of age, w ith 40 years of
current service ahead of him, each
furnished us with some more interest­
ing data on pensions which ¿we pass bn I .year of-, current, /se^ice ■ will add ap­
proximately 1-^4 Oth of half-pay; and
to the members toward a better under­
standing of the system. The staff has I so on. These figures are based on sal­
aries’ of $200 per month or less; but
found Mr. Sayler consistently helpful
zin answering pur questions,. and we would apply equally eyen though the
have every confidence that .the system employe receives more than $200 per
month: if 'he has elected to limit his
is being administered in a capable
contributions to $;2;00 per month of
manner.
salary.
-e ‘
"
How to Figure Your Pension
"E ffect of contributions on salary
In answering our query as to whether
there was a simple and accurate formula over $200 per month—If he -receives
more than $200 per month and has
which could be given so any employee
elected to contribute on the basis of all
could figure his own potential pension,
Retirement Checks-Go to 581 Employees
July of this year marked the I first
month of full operation of the retire­
ment system. The promotional work of
the O.S.E.A., the prudence and wis­
dom of the legislature and the diligence,,
and efficiency, of the retirement Sys­
tem administration have combined to
provide the first fruits to retiring em­
ployees. I HH 1
2
:
Qn thez first months full operation,
Mr, S ayk/; , executive secretary, has
given us . some interesting figures, as
follows: I .
I HH I
Applications received -------- j—-642
Pension checks issued-------81
Average amount — ———— $ 3 7.90
Largest cheeky — — —- —$ 132.98
Smallest check
— $1-20
Oldest retired employee —— — 92
Commenting on the above', Mr. Say-
ler pointed out that 61 of the applica­
tions had to be held up because'notice
of termination had not been received
from employers, giving the last deduc­
tion, etc. The -large check wa’s N O T
to a state employee, ft was stated, while
the -smallest check was to a retired
employee who preferred the. - smalt
monthly pension to refund of his
money.. |