Oregon Savings Growth Plan 457(b)
Eligible employees may elect pre-tax salary deductions for this retirement savings plan at any time during the year. The plan is administered through PERS, and several different investment options are available.
All part-time and full-time employees are eligible to contribute, except student employees who are exempt from FICA taxation.
The Oregon Savings Growth Plan (OSGP) is a 457(b) deferred compensation plan that provides you with a convenient way to save for your retirement. It allows you to contribute a portion of your salary from an OSGP participating employer on a pre-tax basis. Your contributions plus earnings continue to grow on a tax deferred basis until you receive a distribution. As of January 1, 2023, PCC offers the ability to contribute to an after-tax Roth 457(b) through OSGP.
The maximum annual contribution amount in 2025 is as follows:
- $23,500: Applies to employees under age 50 at the end of 2025
- $31,000: Applies to employees aged 50-59 or over 63 by the end of 2025
- $34,750: Applies to employees aged 60-63 by the end of 2025
- 457(b) special 3-year catch-up: If 2025 is one of the last three years preceding the calendar year of your normal retirement age, you may be eligible** to contribute up to $47,000* (twice the basic limit)
*Note: Contributions to the plans above cannot exceed employees’ total compensation.
**Please contact Carruth Compliance Consulting (CCC) at 503-968-8961 to verify eligibility and limits available under special catch-ups.
You may contribute up to the maximum annual contribution into both a tax deferred annuity plan 403(b) and the OSGP 457(b) at the same time.
The OSGP’s investment options make it easy to tailor a portfolio to individual needs. There are a variety of investment options that range from fixed to variable investments, and from conservative to aggressive risk levels. The investment options are overseen by the Oregon Investment Council and most investment options are a blend of several professionally managed mutual funds.
- LifePath options
- Stable value option
- Active fixed income option
- Real return option
- Large company value stock option
- Stock index option
- Socially responsible investment option
- Large company growth stock option
- International stock option
- Small company stock option
- Self-directed brokerage option
You may invest in as few as one investment option or as many as all of them. Investment allocations depend on individual needs and goals and may be different for each person. You may view your individual account information and the performance of each investment option online and through an automated telephone system. OSGP allows you to make changes to contributions and investment options on a regular basis.
For more information or to obtain an enrollment packet visit growyourtomorrow.com.
Once you submit your enrollment packet to OSGP, it can take 2 to 3 paychecks before the contribution starts. If you want the contribution to start on the next available paycheck, you will first need to send the enrollment forms to OSGP to set up or change your account elections, then complete and turn in the 403(b) and 457(b) Enrollment – Salary Reduction Agreement to benefits-group@pcc.edu and payroll-group@pcc.edu by the 15th of the month for the changes to happen on the first paycheck in the following month.