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Could the Pension Plus 2 plan be closed?

Pension Plus 2 could be closed to new employees if the actuarial funded ratio (calculated by ORS’s actuary) falls below 85% for two consecutive years—in other words, if the plan funds are only enough to cover 85% of the normal cost for two consecutive years. If this occurs, the legislature has 12 months to provide funds through the budget process to increase the funded ratio. If the legislature does not take action, employees who are new to MPSERS will no longer have the option of the Pension Plus 2 plan and will participate in the DC plan. 

Created 8/7/2017