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Recalculation timeline update graphic or text.
What are the Strunk/Eugene Project Core Principles and Success Criteria?
Core Principles
- Negative adjustments to a retiree’s monthly payment are as small as possible, but collect the required funds
- The account processing priority and order is transparent and communicated to stakeholders for input
- Communications are complete, understandable, concise, and proactively answer potential questions
- The project is executed efficiently, but does not put undue burden on other PERS operations
- The impact to the RIMS Conversion Project is planned and managed for success
- All adjustments to an account are incorporated into a “one touch” calculation
Success Criteria
- Recipients incur no disruption to monthly benefits
- All accounts are identified and adjusted
- Account and benefit adjustments are complete, accurate, and fully auditable
- Invoicing and accounts receivable processes optimize collections
- No data is lost or corrupted due to adjustments
- The project is completed within the approved budget and timeline
Why did I receive the Board Order and letter?
PERS is pursuing repayment of benefit overpayments made as a result of 1999 earnings crediting. Based on the Settlement Agreement in the City of Eugene case, the earnings crediting rate for Tier One member regular accounts in 1999 will be reallocated at 11.33 percent, instead of the 20 percent that was originally credited. PERS sent an Information Letter and Board Order to affected benefit recipients in March 2006. The appeal process on Strunk/Eugene overpayments is posted here.
When will you notify me about any change in my benefit?
PERS will send a letter to each affected recipient that details the benefits received to date, the amount of the overpayment (or underpayment), and the methods to repay PERS the amount of the overpayment.
PERS will send individual letters at the time PERS recalculates the recipient’s benefit. We anticipate this process will begin in April 2006 and take up to three years to complete. PERS has created a general timeline for the recalculation: graphic or text.
How will the recalculation affect my benefit?
Recalculation examples are posted on the PERS website. PERS will mail a letter to each affected benefit recipient that shows the recalculation details for the individual.
Some benefit recipients were subject to the cost-of-living adjustment (COLA) freeze as a result of 2003 legislation. Any withheld COLAs will be used in the benefit recalculation and will help offset any decrease. Some benefit recipients will see an increase in their benefit.
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