Oregon Public Employees' Retirement System (Oregon PERS) is a public pension fund based in Tigard, Oregon. Established in 1945, the pension fund provides retirement and pension benefits to the eligible members. It also administers the Oregon Savings Growth Plan, a deferred compensation program for state and local government employees. A five member board of directors is responsible for overseeing the administration of Oregon PERS. The Oregon PERS Fund (OPERF) is managed by the Oregon State Treasury under the direction of the Oregon Investment Council.