ARTICLE 16. RETIREMENT
ARTICLE 16. RETIREMENT 16.1 Plan Election . Eligible new employees must elect to participate in either the Oregon Public Service Retirement Plan (OPSRP) or the University Pension Plan (UPP) retirement program which will be effective the month following three (3) months from their hire date in a qualifying position. 16.1.1 Selection process . The Employer agrees to provide each eligible employee timely notice of the employee’s need to make such selection. 16.1.2 Default plan . The Employer may designate the retirement plan in which employees failing to make a timely plan selection shall automatically be enrolled. The Employer will provide thirty (30) days’ notice to the Union of any change in the default plan. 16.1.3 Limited option to transfer plans . An employee’s selection of or placement in the UPP retirement program is irrevocable. The employee must remain in that retirement program for the duration of his/her employment, including periods of reemployment. Employees who have elected to participate in the OPSRP or are currently a participant in the Public Employees Retirement System (PERS) retirement plan shall have the opportunity to make a one-time irrevocable transfer to the UPP.
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