Retirement Plan Options
Lane Community College employees have several retirement plan options. Oregon Public Employees Retirement System (PERS) pension plan and two voluntary retirement savings plans offer a broad range of choices to work toward a comfortable retirement.
General Information on PERS Retirement Education Voluntary Retirement Savings Options
Retirement Process and Planning
To properly document your intent to retire, please provide a letter of intent to your supervisor and clearly identify your last day of employment and effective date of retirement. This letter should be signed and dated. In lieu of the letter, you may also submit the Resignation/Retirement Notification form; however, this does not notify your supervisor directly so it’s important that you still provide verbal (or written) notice to them as well.
To formally retire with PERS, you will need to submit their required form(s) within 90 calendar days prior to your effective date of retirement. On the PERS website they have information and resources, as well as a checklist and links to the required forms.
All PERS retirees are eligible to continue coverage under existing group medical, dental and vision plans until Medicare eligible. To continue coverage on the college’s group plan as a retiree, you must submit an Insurance Enrollment Form prior to your effective date of retirement. Current plan options and rates are available in each employee group section of the Employee Benefits webpage.
Your “active employee” college insurance will end at the end of the month of your last paid day (example: if your last paid day is June 10, your active employee insurance will end June 30). If you elect to continue coverage, your “retiree” coverage will begin the first of the month immediately proceeding the conclusion of your “active employee” coverage (example: if your last day of active employee insurance is June 30, your retiree coverage will begin July 1).
If you, or any covered dependents, are already eligible for Medicare but opted out of enrollment upon eligibility due to having active employer group coverage, please complete Section A of the Request for Employment Information and send it to your Benefits Analyst in Human Resources. Human Resources will complete Section B and return the form to you. Social Security/Medicare requires this form to be submitted to them along with your application for Medicare benefits, to exempt you from being charged a penalty for “late enrollment”. The penalty does not apply when you document your prior group coverage through the Request for Employment Information form.
Apart from continuing on the college’s group health insurance, there are other options available including, but not limited to:
Regardless of which coverage option you choose, you are encouraged to begin the application process at least 90 days in advance of your retirement date.
Early Retirement Stipend & Health Insurance – Contracted Faculty
In addition to the retirement benefits from PERS, those retiring contracted faculty meeting service and age specific eligibility criteria may receive a monthly stipend and a college contribution toward health insurance. To be eligible, you must be at least 55 years of age, eligible to participate in the Oregon Public Employees Retirement System, and have been employed by LCC for a minimum of 10 years since the most recent date of hire. See Article 41 of the Collective Bargaining Agreement for more information.
These benefits are prorated if you have not worked 1.0 FTE in at least 5 of the last 10 years immediately preceding your effective date of retirement. Furthermore, if you retire between the ages of 55 and 57, the stipend and college insurance contribution amounts are re-calculated based on the actual number of months benefits are received, using the standard “maximum” total(s) that apply based on a retirement at age 58.
Monthly Stipend: For those retiring between age 58 and 62, the benefit is $175.00 per month ($87.50 per pay period), and ends the month in which you turn 62.
Example for someone retiring, prior to age 58, on the month of their 57th birthday:
$175 per month x 48 months between age 58 and 62 = $8400 total maximum benefit
$8400 maximum benefit divided by 60 months of actual payments = $140 per month prorated stipend
- Review the Oregon Public Employees Retirement System (PERS) information.
- Contact past employers and the military, if you served, to determine eligibility for retirement benefits.
- Contact Social Security Administration to calculate social security benefits and to determine the best time to begin receiving these benefits.
- Review the applicable Collective Bargaining Agreement or Management Working Conditions document.
- Schedule an appointment with your Benefits Analyst.
- Contact your Payroll Analyst if you have any questions regarding your final paycheck.