To help Oregon State employees better understand their retirement savings options, as well as other financial benefits available to them, the University Human Resources benefits team is holding a series of financial literacy classes during the week of April 21.
“A lot of people don’t know about what the options are for retirement plans, or the basic terminology of pre-tax versus post-tax or Roth. We often get the question of, ‘What retirement plan am I even in?’” said Laura Shimabuku, one of OSU’s three HR retirement officers. “So we are trying to have more educational opportunities for employees.”
Other questions the retirement office frequently fields have to do with different types of investments, the employer-contribution plans available at OSU, how compounding interest works and general guidance for how to be financially stable in retirement.
Many employees lack clarity specifically on their enrollment in PERS (the Public Employee Retirement System) or ORP (the Optional Retirement Plan), which are available to professional and academic faculty and public safety professionals who work at least 600 hours per calendar year.
“I think that at the least, you should be aware of what is being provided for you,” said Traci Yates, another HR retirement officer. “It’s good for employees to understand what they’re being offered, even if they haven’t actively participated in it, and understanding it as part of their overall compensation package.
“With saving and investing for your future, with the compounding interest, even if you can just save a small amount now, it will really grow and have a bigger impact in your retirement years.”
Another free resource for employees at OSU is the option to do one-on-one sessions with financial consultants from the three retirement investment firms contracted with the university: Fidelity, TIAA and the Oregon Growth Savings Plan. These in-person appointments are also offered at OSU-Cascades.
The benefits team has offered classes on similar topics in the past, but this month’s series delves into general saving and investing concepts to plan for retirement.
Financial Literacy Week offerings:
- Understanding How to Save for Retirement at OSU, led be the OSU retirement office. 2-3 p.m. Monday, April 21.
- All About OPSRP, led by PERS. 1:30-3:30 p.m. Tuesday, April 22.
- Basic Investment Concepts, led by the Oregon Growth Savings Plan. 10-11 a.m., Wednesday, April 23.
- All About Tier 1 & 2, led by PERS. 1:30-3:30 p.m., Wednesday, April 23.
- Make the Most of Your Retirement Savings, led by Fidelity. Zoom only, 11:30 a.m.-12:30 p.m., Thursday, April 24.
- Investing Essentials: 5 Principles to Invest with Confidence, led by TIAA. 1-2 p.m. Friday, April 25.
- Tome el contro de su vida financiera: 5 pasos para ahorrar dinero y gestionar las deudas, presentado por TIAA. 2-3 p.m., viernes, 25 de abril.
The classes will be held via Zoom, with the benefits office streaming them in person in Cascade Hall 124 for folks who can’t attend remotely. To register for a class or view individual class descriptions, visit the “Workshops Open for Registration” page on University Human Resources and search the course list for the phrase “Financial Literacy.”
For any other questions relating to retirement at OSU, email [email protected] or call 541-737-8254 to connect directly with an HR retirement officer.
Related Stories
