Frequently Asked Questions (FAQs)
1. What are ORS office hours?
You can call us between 8:30 a.m. and 5:00 p.m. Monday through Friday. For more information on how to reach us, click on Contact Us on the top navigation bar.
The Defined Benefit plan covers state employees hired before March 31, 1997, whereas those first hired after that date are in the 401(k) Defined Contribution plan. To learn more, click on the Defined Benefit Plan Home on the top navigation bar.
4. When can I retire?Generally, Defined Benefit plan members can retire at age 55 with 30 years of service, or age 60 with 10 years of service. Some plan members have different eligibility rules. The left navigation button Defined Benefit Plan Overview has more details on pension eligibility.
5. How much will I get?
The pension formula multiplies your final average salary times the pension multiplier times your years of service. You can find the pension formula under the Defined Benefit Plan Overview on the left navigation bar. You can also use the Estimate Pension feature in miAccount and plug in scenarios to give you an idea of how much you can get and when.
- You can purchase service credit, or buy time, to increase
your pension. To decide if buying time is beneficial to you, click on Service Credit -
Earning and Purchasing on the left navigation bar.
- You can't borrow from your personal contribution account. If you terminate
employment you may ask for a refund of your personal contributions, but you
would jeopardize your pension rights. Learn more about this under Adding to Your
Service Credit under the Defined Benefit Plan
Overview button on the left navigation bar.
- First, and most important, your survivor should contact ORS right away. ORS will then ask for some very specific information as well as a certified copy of the death certificate. We will then review your records to determine what, if anything, is payable. What happens next will depend on your member status at the time of your death.
- If you're not yet old enough for
a pension when you terminate, you may be eligible for a deferred retirement
provided you're vested with ten years of service. To learn more, click Membership under Defined Benefit Plan
Overview on the left navigation bar.