When the cut applies
| Program | Full benefit | Early |
|---|---|---|
| Tier One | 58, or 30 years at any age | 55 to 58 |
| Tier Two | 60, or 30 years at any age | 55 to 60 |
| OPSRP | 65, or 58 with 30 years | 55 to 65 (55 to 58 with 30 years) |
Oregon PERS's own examples: Tier One at 55 with 29 years, about 23% less; Tier Two at 57 with 29 years, about 23% less; OPSRP at 60 with 20 years, about 35% less. The 2026 table gives 22.5%, 22.5% and 34.3%. Oregon PERS webpage 'Eligibility to retire: Tier One/Tier Two'; Oregon PERS webpage 'Eligibility to retire: OPSRP'
The tables below use an example teacher with a $70,000 final average salary, starting on a birthday (whole years). Between birthdays the table has a factor for every month.
Tier One, 25 years
| Age | Factor | Monthly |
|---|---|---|
| 55 | 0.775 | $1,887.45 |
| 56 | 0.843 | $2,053.06 |
| 57 | 0.918 | $2,235.72 |
| 58 | 1 | $2,435.42 |
Full benefit before the factor: $2,435.42 (1.67% × 25 × $70,000 ÷ 12).
Tier Two, 25 years
| Age | Factor | Monthly |
|---|---|---|
| 55 | 0.657 | $1,600.07 |
| 56 | 0.713 | $1,736.45 |
| 57 | 0.775 | $1,887.45 |
| 58 | 0.843 | $2,053.06 |
| 59 | 0.918 | $2,235.72 |
| 60 | 1 | $2,435.42 |
With 30 years, Tier One and Tier Two have no reduction at any age.
OPSRP
| Age | 25 years | 30 years |
|---|---|---|
| 55 | $962.50 ×0.44 | $2,034.38 ×0.775 |
| 56 | $1,041.25 ×0.476 | $2,212.88 ×0.843 |
| 57 | $1,126.56 ×0.515 | $2,409.75 ×0.918 |
| 58 | $1,220.63 ×0.558 | $2,625 ×1 |
| 59 | $1,323.44 ×0.605 | full |
| 60 | $1,437.19 ×0.657 | full |
| 61 | $1,559.69 ×0.713 | full |
| 62 | $1,695.31 ×0.775 | full |
| 63 | $1,844.06 ×0.843 | full |
| 64 | $2,008.13 ×0.918 | full |
| 65 | $2,187.50 ×1 | full |
OPSRP full benefit: $2,187.50 with 25 years, $2,625 with 30 (1.5% × years × $70,000 ÷ 12). With 30 years the cut stops at 58. Oregon PERS Actuarial Equivalency Factors eff. Jan. 1, 2026, pp. 5-7, Table 1: Early Retirement Factors
School employees: age 58 with 30 years (school employees: 30 calendar years of active membership). Oregon PERS OPSRP Preretirement Guide (June 2026), p. 6, Normal retirement age with full benefits; ORS 238A.160(1), (3)
For OPSRP school employees, the law's age-58 rule counts calendar years in which you were an active member. Oregon PERS's guide says 30 years of retirement credit.
What we use: your years of service, unless you enter calendar years of active membership.
The early retirement table goes by years and months of age, but the sources don't say how a partial month is counted.
What we use: completed months of age on your retirement date.
Ways to shrink the cut
- Reach 30 years. In Tier One and Tier Two it removes the cut entirely; in OPSRP it moves full benefits to 58. One more year?
- Buy service credit (Tier One and Tier Two). Buying service credit
- Wait. Each month closer to your full-benefit age raises the factor.
The Oregon PERS Board adopts new actuarial equivalency factor tables every two years, effective Jan. 1; the tables in effect on the effective retirement date are used. ORS 238A.200(1)
What the sources say
- All three programs allow early retirement at 55 once you are vested. The benefit is reduced by an actuarial factor for each month you are below normal retirement age.Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026), p. 9; Oregon PERS OPSRP Preretirement Guide (June 2026), p. 6
- Oregon PERS's examples: a Tier One member retiring at 55, or a Tier Two member at 57, with under 30 years gets about 23% less. An OPSRP member retiring at 60 gets about 35% less.Oregon PERS webpages 'Eligibility to retire: Tier One/Tier Two' and 'Eligibility to retire: OPSRP'
- The 2026 factors: Tier One at 55 with under 30 years 0.775; Tier Two at 55 0.657; OPSRP at 55 with under 30 years 0.440, with 30 years 0.775; OPSRP at 60 0.657.Oregon PERS Actuarial Equivalency Factors eff. Jan. 1, 2026, pp. 5-7, Table 1
- To be vested you need at least 600 hours in each of five calendar years (a gap of more than five years wipes out earlier years), or to be an active member when you reach normal retirement age.ORS 238A.115; Oregon PERS webpage 'Eligibility to retire: Tier One/Tier Two'
Questions
How early can I retire from Oregon PERS?
At 55 in all three programs, once you're vested. Tier One and Tier Two members with 30 years can retire at any age with no reduction.
What is an early retirement factor?
A number from Oregon PERS's published table that your formula benefit is multiplied by when it starts before your full-benefit age. 0.657 at 60 in OPSRP means you keep 65.7% of the formula amount, for life.
Does Money Match get reduced too?
Not by a separate factor. Money Match uses an age factor that is already smaller at younger ages.
Do the factors change?
Yes. The Oregon PERS Board adopts new factor tables every two years, effective Jan. 1. The tables in effect on your retirement date apply. These are the Jan. 1, 2026 tables.
Source: Oregon PERS Tier One/Tier Two and OPSRP Preretirement Guides, Published June 2026, Oregon PERS Tier One/Tier Two Preretirement Guide (June 2026) p. 9; Oregon PERS OPSRP Preretirement Guide (June 2026) p. 6; Oregon PERS Employer Guide Ch. 1 (Sept. 2026) p. 27; Oregon PERS Actuarial Equivalency Factors (Jan. 1, 2026) pp. 5, 6, 7; Oregon PERS webpages: Eligibility to retire: OPSRP; Eligibility to retire: Tier One/Tier Two; ORS 238.280, 238A.115, 238A.160, 238A.165, 238A.185, 238A.200. Last reviewed .