Currently UO pays 12.21% into its defined contribution ORP for employees hired after 2003, and 22.14% for those before. That will increase to 12.41% and 26.9% in July. VPFA Jamie Moffitt told the faculty that we couldn’t get real raises because of these expected increases in the cost of retirement benefits.
She didn’t mention the various bills in the legislature to cut those costs (and PERS retirement benefits). Nor did she mention this proposed legislation from OUS, which would modify the ORP that most new faculty opt into, cutting UO’s cost of retirement benefits for new hires to just 8% of salary, or 12% for those contributing at least 4% on their own.
Very sneaky Jamie. So how much would UO costs for new hires fall if this passes? Lets say from 12.21% to 10%, assuming a 50% take-up rate on the match – read this paper for more. 3/23/2013.
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This is gross. (Was Gleason seriously questioning where questions of administrator intent come from?)