OPSRP: five options
- Single Life. Monthly for life; nothing after death. The formula result.
- Full Survivorship. Same monthly amount continues for the beneficiary's life.
- Half Survivorship. Half the monthly amount continues for the beneficiary's life.
- Full Survivorship Increase. As Full Survivorship, but rises to the Single Life amount if the beneficiary dies first or a spouse beneficiary is divorced after retirement.
- Half Survivorship Increase. As Half Survivorship, with the same increase rule.
In dollars: OPSRP at 62
An example teacher retiring at 62 with 30 years and a $70,000 final average salary: Single Life $2,625 a month. Each survivor option = that × Oregon PERS's 2026 factor for both ages.
Beneficiary 67 (5 years older)
| Option | You | Then them |
|---|---|---|
| Full Survivorship × 0.93 | $2,441.25 | $2,441.25 |
| Half Survivorship × 0.964 | $2,530.50 | $1,265.25 |
| Full Survivorship Increase × 0.916 | $2,404.50 | $2,404.50 |
| Half Survivorship Increase × 0.956 | $2,509.50 | $1,254.75 |
Beneficiary 62 (same age)
| Option | You | Then them |
|---|---|---|
| Full Survivorship × 0.901 | $2,365.13 | $2,365.13 |
| Half Survivorship × 0.948 | $2,488.50 | $1,244.25 |
| Full Survivorship Increase × 0.889 | $2,333.63 | $2,333.63 |
| Half Survivorship Increase × 0.941 | $2,470.13 | $1,235.07 |
Beneficiary 59 (3 years younger)
| Option | You | Then them |
|---|---|---|
| Full Survivorship × 0.882 | $2,315.25 | $2,315.25 |
| Half Survivorship × 0.937 | $2,459.63 | $1,229.82 |
| Full Survivorship Increase × 0.872 | $2,289 | $2,289 |
| Half Survivorship Increase × 0.932 | $2,446.50 | $1,223.25 |
Beneficiary 57 (5 years younger)
| Option | You | Then them |
|---|---|---|
| Full Survivorship × 0.87 | $2,283.75 | $2,283.75 |
| Half Survivorship × 0.93 | $2,441.25 | $1,220.63 |
| Full Survivorship Increase × 0.861 | $2,260.13 | $2,260.13 |
| Half Survivorship Increase × 0.925 | $2,428.13 | $1,214.07 |
Beneficiary 52 (10 years younger)
| Option | You | Then them |
|---|---|---|
| Full Survivorship × 0.84 | $2,205 | $2,205 |
| Half Survivorship × 0.913 | $2,396.63 | $1,198.32 |
| Full Survivorship Increase × 0.833 | $2,186.63 | $2,186.63 |
| Half Survivorship Increase × 0.909 | $2,386.13 | $1,193.07 |
A non-spouse beneficiary more than 10 years younger gets a prorated, reduced survivor payment under IRS rules. Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026), p. 11; Oregon PERS OPSRP Preretirement Guide (June 2026), p. 10
The 2026 factors, same-age beneficiary
| Your age | Opt. 2 | Opt. 3 | 2A | 3A |
|---|---|---|---|---|
| 55 | 0.925 | 0.961 | 0.918 | 0.957 |
| 58 | 0.915 | 0.956 | 0.907 | 0.951 |
| 60 | 0.909 | 0.952 | 0.898 | 0.947 |
| 62 | 0.901 | 0.948 | 0.889 | 0.941 |
| 64 | 0.893 | 0.943 | 0.879 | 0.935 |
Option 2 / Full Survivorship, Option 3 / Half Survivorship, and the "A" / "Increase" versions. Healthy members, 45-64. Oregon PERS Actuarial Equivalency Factors eff. Jan. 1, 2026, pp. 27-31 (Table 6a, Option 2), 57-61 (Table 7a, Option 3), 87-91 (Table 8a, Option 2A), 117-121 (Table 9a, Option 3A); healthy members; 'Factor Multiplied by Option 1 Non-Refund Life Annuity'; interest 6.90% with 1.60% COLA
We copied the 2026 survivor factors for retirees aged 45 to 64 only. The pages for 65 and older didn't extract cleanly from the PDF.
What we use: no survivor amounts at 65 or older. Ask Oregon PERS for an estimate.
Tier One and Tier Two: 13 options
- Refund Annuity. Lifetime benefit; at death the beneficiary gets any remaining member account balance as a lump sum (usually used up in nine to eleven years).
- Option 1 (nonrefund). Highest lifetime benefit; nothing paid after death.
- 15-year Certain. Lifetime benefit; if the member dies before 180 payments, the beneficiary gets the rest of the 180.
- Option 2 (joint and survivor). Same amount continues for the beneficiary's life (reduced for a non-spouse more than 10 years younger).
- Option 2A (full survivorship, Option 1 contingency). As Option 2, but can switch to the Option 1 amount if the beneficiary dies first or a spouse beneficiary is divorced after retirement.
- Option 3 (half survivorship). Half the member's amount continues for the beneficiary's life.
- Option 3A (half survivorship, Option 1 contingency). As Option 3, with the switch to Option 1 on the beneficiary's death or divorce.
- Lump-sum Option 1. Refund of the member account plus a monthly benefit from employer contributions as in Option 1.
- Lump-sum Option 2. Refund of the member account plus a monthly employer-funded benefit as in Option 2.
- Lump-sum Option 2A. Refund of the member account plus a monthly employer-funded benefit as in Option 2A.
- Lump-sum Option 3. Refund of the member account plus a monthly employer-funded benefit as in Option 3.
- Lump-sum Option 3A. Refund of the member account plus a monthly employer-funded benefit as in Option 3A.
- Total (double) Lump-sum. Member account balance plus a matching employer amount; no monthly benefit. Keeps Oregon PERS health insurance eligibility.
The survivor factors above multiply the Option 1 amount. Oregon PERS doesn't publish how to turn a Full Formula (Refund Annuity) amount into Option 1, so the calculator applies them to the Full Formula amount.
Oregon PERS's survivor factors multiply the Option 1 amount. Our Tier One/Tier Two estimate is the Full Formula amount, which Oregon PERS says approximates the Refund Annuity, and Option 1 is usually a little higher.
What we use: the survivor factors applied to the Full Formula amount, so Tier One/Tier Two survivor amounts may be slightly low.
What the sources say
- Tier One/Tier Two have 13 payment options, including Refund Annuity, Option 1 (highest life-only amount), 15-year Certain, joint-and-survivor Options 2, 2A, 3 and 3A, lump-sum versions, and a Total Lump Sum. If you are married you get Option 3 unless your spouse agrees otherwise. You can change your option within 60 days of the first payment.Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026), pp. 10-13
- OPSRP has five options: Single Life, Full Survivorship, Half Survivorship, and the two 'Increase' versions that go up to the Single Life amount if your beneficiary dies first. Married members get Half Survivorship unless the spouse agrees otherwise. You cannot change after your retirement date.Oregon PERS OPSRP Preretirement Guide (June 2026), pp. 9-11
- Example 2026 factors at age 60 with a same-age beneficiary: full survivorship pays 0.909 and half survivorship 0.952 of the Option 1 / Single Life amount.Oregon PERS Actuarial Equivalency Factors eff. Jan. 1, 2026, Tables 6a and 7a
- If your monthly benefit would be under $200, Oregon PERS pays a one-time lump sum instead.Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026), p. 10; Oregon PERS OPSRP Preretirement Guide (June 2026), p. 9
- Your IAP account is paid separately: a lump sum, installments over 5, 10, 15 or 20 years, or the Anticipated Life Span option. Each payment must be at least $200.Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026), pp. 21-23
Questions
Which option pays the most?
Single Life (OPSRP) or Option 1 (Tier One and Tier Two) pays the most each month, but nothing after you die.
What happens if I'm married?
Tier One/Tier Two: you get Option 3 (half to your spouse) unless your spouse agrees in writing to another option. OPSRP: you get Half Survivorship unless your spouse agrees.
Can I change my mind?
Tier One/Tier Two: within 60 days of your first payment. OPSRP: not after your retirement date.
What if my pension is very small?
If the monthly amount would be under $200, Oregon PERS pays a one-time lump sum instead.
What a survivor gets before you retire is on survivor benefits; the amount the options start from is the formula benefit, after any early factor.
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. 10, 11, 12, 13, 21, 22, 23; Oregon PERS OPSRP Preretirement Guide (June 2026) pp. 9, 10, 11; Oregon PERS Actuarial Equivalency Factors (Jan. 1, 2026) pp. 27, 28, 29, 30, 31; ORS 238.305, 238A.190, 238A.195. Last reviewed .