AEF
Actuarial equivalency factor, the published tables used for early retirement reductions and payment options, updated every two years.
COLA
Cost-of-living adjustment, each July 1: up to 2% on service before Oct. 1, 2013, 1.25% on later service.
Early retirement factor
The number from Oregon PERS's published table that the formula benefit is multiplied by when it starts before your full-benefit age.
EPSA
Employee Pension Stability Account. Since July 2020, part of the 6% (2.5% Tier One/Tier Two, 0.75% OPSRP) is redirected here to help pay your own pension when pay exceeds a monthly threshold ($3,890 in 2026).
FAS
Final average salary.
Final average salary
The pay your pension is based on: your best three years (any three in Tier One/Tier Two, three in a row in OPSRP) or the last 36 months, whichever is higher.
Full Formula
The Tier One/Tier Two formula: 1.67% × years of service × final average salary.
IAP
Individual Account Program, the 6%-of-salary investment account every member has alongside the pension.
Member account
The Tier One/Tier Two regular account of contributions made before 2004 and their earnings. Tier One accounts are credited a guaranteed rate.
Money Match
A Tier One/Tier Two method: the member account plus an equal employer match, turned into a monthly benefit by an age factor. Oregon PERS pays it if it's higher than the Full Formula.
OPSRP
Oregon Public Service Retirement Plan, the pension program for members hired after August 28, 2003.
Oregon PERS
The Oregon Public Employees Retirement System. It covers teachers and other school employees, and most other Oregon public employees.
Refund Annuity
The standard Tier One/Tier Two option: a lifetime benefit, with any member account balance left at death paid to your beneficiary.
RHIA
Retiree Health Insurance Account: up to $60 a month toward an Oregon PERS Medicare plan for Tier One/Tier Two retirees with 8+ years.
Salary limit (SB 1049)
Since 2020, pay above a yearly limit doesn't count toward your pension: $245,724 in 2026.
Single Life
OPSRP's option that pays the most each month, for your life only.
Tax remedy
An extra 1% to 9.89% for Tier One retirees who joined before July 14, 1995 and live in Oregon.
Tier One
The pension program for members first hired before Jan. 1, 1996.
Tier Two
The pension program for members first hired Jan. 1, 1996 through Aug. 28, 2003.
Vested
Having a right to a pension: 600+ hours in each of 5 calendar years, or working at normal retirement age.
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Plain English, not the official wordingThese definitions put Oregon PERS's materials into everyday words. They aren't Oregon PERS's official definitions, and they aren't legal or financial advice. Oregon PERS decides your benefit.
Source: Oregon PERS Tier One/Tier Two and OPSRP Preretirement Guides, Published June 2026, Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026) pp. 9, 10; Oregon PERS OPSRP Preretirement Guide (June 2026) pp. 5, 6, 9; Oregon PERS Benefit Comparison Chart (Dec. 2024) p. 1; Oregon PERS Employer Guide Ch. 1 (Sept. 2026) pp. 8, 11, 13, 29; Oregon PERS Actuarial Equivalency Factors (Jan. 1, 2026) pp. 5, 6, 7; Oregon PERS Tax Remedy FAQ (Sept. 2026) pp. 1, 2; Oregon PERS webpages: 2025 earnings crediting; Cost-of-living increases paid in August; Eligibility to retire: Tier One/Tier Two; OPSRP overview and benefit calculation; SB 1049 Changes: Salary Limit; SB 1049: Employee Pension Stability Account; Senate Bill 1049 (2019) - Member information; Tax Remedy Elimination; Tier One Tier Two overview and benefit calculation; What plan am I in?; ORS 238.300, 238.364, 238.366, 238.420, 238.435, 238A.115, 238A.130, 238A.200. Last reviewed .