Image provided by: SEIU Local 503; Salem, OR
About The OSEA news. (Salem, Oregon) 1970-1981 | View Entire Issue (Dec. 1, 1970)
Page 10 December, 1970 The OSEA News Deadline Near far Variable Annuity Election State employes who w ant to invest part of th e ir retirem ent contributions in the stock m arket through the PERS variable annuity program have less than one month le ft in which to subm it the form which appears below to the Public Employes Retirement System. The deadline is December 31. PERS members who elect to participate in the variable annuity program may place either 25 per cent or 50 per cent of th e ir future con tributions into the program . The "v a ria b le " account basically is invested in common stocks, while the " fix e d " account basically Is invested in bonds and mortgages. The variable annuity program Is nearing the completion of its firs t year of operation. During the la tte r part of 1969, approxim ately 11,000 members of the PERS enrolled in the program , which began on January 1, 1970. The value of the variable account has ranged from a high of $102.55 per $100, to a low of $85.45 per $100. As of November 30, 1970, the value of each . $100 invested in the variable account was $101.01, while each $100 invested in the fixed account was worth $104.26 on that date. If a PERS member does elect or has elected to place 25 per cent of his retirem ent contributions in the variable program , he m ay at a later date Increase the percentage to 50 per cent. If a member was active in the PERS on January 1, 1968, he may also elect to transfer up to 50 per cent of his past contributions into the variable account. In order to make that election, however, the member must elect to place either 25 per cent or 50 per cent of his future con tributions into the program . P a rtic ip a tio n in the v a ria b le a n n u ity program m ay only sta rt at the beginning of each calendar year. Any PERS member who wishes to participate must complete a variable election form RS-A25-D (which appears below) and send it to the Public Employes Retirement System, 1400 S.W. 5th Avenue, Portland, Oregon, 97201, no later than December 31, 1970. Please note: Any member of the PERS may complete "P a rt A " o f the fo rm ; "P a rt B " may only be completed by employes who were active members of the PERS on January 1, 1968. Form RS-A25-D EMPLOYE’S NOTICE OF ELECTION TO PUBLIC EMPLOYES RETIREMENT BOARD Employer’s Name: ______________________________________________ Employe’s Nam e_____ ________________________________ f_____________________N um ber_________ _________ Employe’s Address______________________________________, A -___________ s___________ ________ «__________ Effective with the calendar year following the date shown below, I wish to participate in the Variable Annuity Program as follows: □ I hereby elect to place 25% of the retirement contributions that are withheld from my paycheck into the Variable Annuity Account. Q I hereby elect to place 50% of the retirement contributions that are withheld from my paycheck into the Variable A nnuity Account. In addition to the above, I hereby elect to place 10% of my account balance as of my original participation date with the Variable Annuity Program for the following number of years: (This election may be made at any time but once made is irrevocable.) B □ 1 yr. □ 2 yrs. □ 3 yrs. □ 4 yrs. □ 5 yrs. This amount, plus the amount that I have elected to place into the Variable Annuity Account from my paychecks, should be credited to my account for the purpose of purchasing a Variable Annuity. I UNDERSTAND THAT IN ORDER TO MAKE THIS ELECTION ON MY PAST CONTRIBUTIONS, I MUST ELECT TO PUT EITHER 25% OR 50% OF MY MONTHLY CONTRIBUTIONS INTO THE VARIABLE ANNUITY ACCOUNT. I ALSO UNDERSTAND THAT THESE ELECTIONS ARE IRREVOCABLE AND THAT I HAVE READ THE STAT UTORY PROVISIONS ON THE REVERSE SIDE OF THIS FORM. ; D a te ______________________________ Signature _________________ J__ ____________________ _______________, Witness ___________________________ _____________________________ :__D ate_______________________________ To be acceptable, this form must be witnessed. IMPORTANT PLEASE READ CAREFULLY, as your action in this matter will affect your benefits at the time of your retirement. Investment in stocks will be made by the Oregon Investment Council. Individual members may not select the specific stocks to be bought or sold. Your interest in the fund will depend on the market. If the market goes up, your in vestment will improve. If the market goes down, your investment will suffer. Over a period of years, it is assumed that there will be both upswings and downswings in the market. A member may elect at any time to participate in the plan. Therefore, a member may elect to put nothing in stocks at this time but may wait until 1971 or some later date before starting to participate. Money will start to be put into equities in the January immediately following election. A member who starts with 25% of his money in equities may at some following year increase to 50%. BUT a member cannot reduce or cancel his election to participate in stocks. Please give this subject study before making your decision. THIS ELECTION WILL NOT BECOME EFFECTIVE UNTIL THE 1st OF JANUARY FOLLOWING THE DATE ON WHICH IT HAS BEEN FILED WITH THE PUBLIC EMPLOYES RETIREMENT BOARD, 1400 S. W. FIFTH, PORT LAND, OREGON 97201.
