But all things must come to an end. As the pandemic winds down (I hope), and PERS has reached a point where people's hair doesn't seem to be on fire as much as in the past, it seems logical for me to celebrate this moment, and wrap this up while there is no crisis. Crises will come and go, as we've seen over the past 25 years with PERS. But, for right now, while PERS isn't completely out of the woods and certainly not out of the headlines, things are stable. And so today, with thanks to the nearly 2.5 million visitors to this site, I announce that I am a "free bird". This site will remain active as an historical record of the past 16 years of my writing. I will still keep track of PERS in my increasingly rare "free time", but I won't be writing about it here. If you want to keep track of PERS or engage in illuminating discussions, please feel free to participate in the PERS Oregon Discussion Group (see link on left), where I still stop in now and then.
My final wish to all who have contributed to the success of this blog is simple: "May you outlive your actuarial expectancy".
With all best wishes, Marc Feldesman
18 comments:
Many thanks for your years of service while you were employed, and for your diligence since you have retired in keeping all of us so much better informed. I retired in 2018, and much of my decision was based on your information. Retirement is wonderful and hopefully everyone who has earned it will get there. Enjoy your second retirment now and best wishes.
Having retired on PERS late in 2003, a real Hair On Fire time with PERS; your information and advice led my decisions and helped me stay calm through the process. Now, with more than 17 years of secure retirement, I know just how much I owe you. Thank you, Marc! Enjoy all of your not-free-time.
peg
Thank you!! This blog and the discussion group helped us with such great insightful and detailed information!! Thanks again Marc!
Thank you.
Thank you, Marc, for your dedication to this blog and sharing so much valuable information to PERS recipients - past, present, and future.
Mark, those of us that read this blog are in your debt for helping navigate this incredibly confusing terrain. This July meeting has been on my mind for a long time, as I will be retiring either on December 1 or March 1 (the last point under my TRP agreement). It looks like December, from what I can read here, though we will have to wait for the July meeting. So I am someone that directly benefited from your generous contributions of time and thought. Many, many thanks!
A tip of the cap to you Mark, Your time and knowledge of the PERS system has helped myself and so many many others make informed decisions on retirement issue in times where there was no other place to find the real truth. I have enjoyed your wit along with your truthfulness over the years. May your travels be safe and enjoyable
Thank you
Thank you. Your blog provided me with much needed information as I was preparing to retire in mid-2019.
Thank you, your blog helped me find my way to retirement. Go out and enjoy yourself!
Thank you for your invaluable retired public service blogging on PERS for those of us who are and were public employees. Your info, intelligible explanations and insight have been extremely helpful, especially when it came to trying to understand the differences in and changes to PERS benefits. Live long and prosper!!
Thank you Marc. You insight and knowledge helped me navigate my impeding retirement plans tremendously, as well as many others! You have truly made a difference for many of us!
I, like so many others, am deeply grateful for your work here. The natural anxiety produced by the decision to retire was eased by the clarity you provided. Thank you so much.
OMG! When I first toyed with the idea of retiring, I found this blog and got educated - that was about 2010. One PERS crisis after another, I would return and get more learning from this blog. Finally, with confidence in the knowledge you put out there, and the discussion leaders in the group, I did retire in 2017 and haven't looked back once. As you say, free as a bird. THANK YOU for years of service with your blog!!
Thank you so much for your very helpful blog.
Now that we have 7% inflation, PERS retirees are losing money regardless that PERS made a great deal of money this year. PERS COLAs should be based on inflation, not to a maximum of 2% or 1.2%, and .15% for any benefits over $60k annually.
Retired members should share in the huge gains PERS netted this year in the form of fair cost of living increases. Social Security will give COLAs based on actual cost of living increases, though SS waits until next January to implement them, which is causing hardship to SS recipients.
LK
@lk. While I appreciate the fact that we have more significant inflation, there is not a snowball’s chance in hell of receiving a COLA larger than 2% (if you retired prior to October. 2013) or less for those retiring later. The argument against is that virtually all of the Unfunded Actuarial Liability is due to members already retired and drawing benefits computed at whatever assumed rate that was in force at the time of their retirement. The earnings of 2020 in excess of the assumed rate, plus those in 2021 will only make a small dent in the UAL. There is no way you or I or anyone else will see any additional COLA.
How is giving too-miserly PERS COLAs not financial elder abuse by the State of Oregon? The legislature and Gov. Brown are taking PERS retirees' incomes away from them by giving woefully inadequate cost of living increases. COLAs were inadequate before the current 7% annual inflation, and the PERS COLA policy is obscene and just plain cruel. It's plain to see that this year's PERS COLA of 1.74% on only $60k falls miles short of fair compensation. These seniors do not deserve to be punished by the legislature and Kate Brown. There are federal laws against financial elder abuse, which could apply to this situation because the legislature intentionally enacted laws to take money away from elderly or disabled workers. Not only is it not fair treatment, it may be illegal, and it is certainly unethical and ugly.
--LK
There are mechanisms in ORS that describe the conditions under which one time COLA payments can be authorized. But, as far as I can determine, the key triggers have not been met. If you want to understand how these triggers work, you are going to have to consult the ORS and OARs governing PERS. Once you understand what’s involved, I suggest you contact your state legislators. As the original post states, I am done (3 weeks from now) carrying water for PERS Members and retirees. I did receive a letter today from Oregon PERS Retirees Inc, seeking funds for their lobbying efforts in the State Legislature. Perhaps you should contact them and take up your concerns with them. OPRI’s President is Jay Osborne.
I do think that “financial elder abuse” is not a winning slogan to advocate for PERS Retirees. In case you haven’t noticed,PERS Retirees are only slightly more popular in Oregon than Kate Brown and Ted Wheeler.
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