MPRA APPLICATION APPROVED
The Pension Plan’s MPRA application received final approval from the U.S. Department of Treasury (“Treasury”) on Friday September 14, 2018. To see a copy of Treasury’s approval letter, click here. The letter provides a review of the voting results as well as Treasury’s approval.
The MPRA 30% benefit reduction is now effective. The reduction applies to benefits accrued on or before September 30, 2018. This means that the benefit suspension applies to checks and ACH deposits issued on or after October 1, 2018.
The Plan Administrative Office is working to implement the benefit reduction effective October 1, 2018. The highest priority will be given to retirees and beneficiaries in pay status, followed by participants who have submitted a retirement application.
Tax withholding elections may be changed after October 1, 2018. To change your withholding election, you can click here to download tax withholding forms. Please mail the completed forms to Western States Office & Professional Employees Pension Plan, PMB #116, 5331 SW Macadam Ave, Suite 258, Portland, OR 97239.
Treasury mailed voting ballots to all plan participants on Friday, August 17th. Ballots were mailed by Treasury using first class mail, addressed to current addresses on file with the Pension Plan.
Note: The Pension Plan was not involved in the voting process. Voting was conducted by a third party contractor hired by Treasury. The voting period was from August 17, 2018 to 8:00 p.m. on September 7, 2018.
Who to Contact
If you have questions about the Pension Benefit Reduction and Recovery Plan, please call the Pension Fund Office’s Recovery Plan Call Center at 1-888-999-4089, open 9 am to 5 pm Pacific Time, Monday through Friday.