|Abstract or Summary
- The purpose of this study was to determine the actual retirement
income for a selected group of retired persons from Oregon
State University in order to obtain a more comprehensive understanding
of the factors affecting retirement benefits. Statistical
data on the records of 122 retired employes who were members and
prospective members of the Association of Oregon State University
Retired Persons were obtained from the State of Oregon Public
Employes Retirement System (PERS). In addition, 29 retired
employes from Oregon State University were respondents to a
questionnaire given by the writer at a regular meeting of the Association.
The data were transferred to IBM code sheets and subsequently
to IBM cards and analyzed for significant influences.
The questionnaire given to 29 retired employes focused on
combined retirement incomes from PERS and Social Security; participation
in medical and health insurance programs; and some attitudinal
questions toward retirement living. The percentage of annual retirement income, for these 29
retired employes, from PERS and Social Security to salary at retirement,
started with a median of 62 percent for salaries at the time of
retirement of $2,000 to $3,999 and decreased to 23 percent for $8,000
and above. A majority of the respondents indicated participation in
Medicare and Blue Cross. Seventy-two percent indicated that their
total retirement income was insufficient for necessary living expenses.
Of the 122 retired employes, 86 were members of the Association
and 36 were prospective members. Eighty-five were academic
and 37 were classified employes. Seventy-six of the employees were
male and 46 were female.
The retirement age of the 122 employes ranged from 61.25 to
76.50 years with a mean of 66.75 and a median of 66.00 years. The
period of retirement varied from 0.25 to 18.50 years; the mean was
6.50 and the median was 5.50 years. Their present age ranged from
61.50 to 95.00 years with a mean and median of 73.25 years. Service
periods with the State of Oregon were from 5 to 39 years with a
mean of 25 and a median of 26 years.
Monthly retirement income from PERS ranged from $5.76 to
$203.02 with a mean of $89.07 and a median of $97.34. The
employees' annual salaries at the time of retirement ranged from
$2,100 to $19,000 with a mean of $7,371 and a median of $6,650.
During their service the 122 employes had contributed into
PERS amounts ranging from $51 to $11,582; the mean was $3,071, and the median was $2,444. Contributions were made to PERS on
the maximum amount of salary allowable for the major portion of
employment period by 113 of the 122 employes in this sample; the
rate based on age and sex was selected by 109 of the 122 employes
for the major portion of their employment period.
The retired employes in this study had made the following
selections: 52 chose the Refund Annuity Plan; 40 selected Option 1,
the Non-Refund Plan; 21 selected Option 2, the Full Continuance
Plan; and 9 employes selected Option 3, the Partial Continuance
An analysis of the interrelated factors showed that the total
retirement income of the 122 retired employes was affected by
(1) total length of employment and calendar period when service was
accrued, (2) amount paid into PERS, especially for those who had
more recent service and (3) benefit options selected.
The 122 retired employes in this study as a group selected
the PERS provisions which purchased the maximum retirement