Retirement in the state of Oregon is governed by the Oregon Retirement System (ORS), which manages the pension benefits for eligible public employees. The ORS administers the Public Employees Retirement System (PERS), which is the largest public pension plan in the state and covers most state and local government employees, as well as the Oregon Public Service Retirement Plan (OPSRP), which covers employees of cities, counties, and other municipalities. Eligible employees can start receiving benefits as early as 55 and must have at least 10 years of service to receive a pension. The amount of the pension benefit is based on the employee’s salary, years of service, and the ORS’s funding level. Social Security benefits may also be available to retirees.