| 2004 Annual Statements |
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PERS Tier One/Tier Two 2004 member Annual Statements will be mailed to members at their address on file with PERS and should arrive before January 31, 2006.
A sample statement is posted. If you move your mouse to a topic (i.e., name, total 2004 member account balance, classification, etc.) on the sample statement, a pop-up box will appear that describes the item.
Two Oregon Supreme Court cases, Strunk and Eugene, delayed 2004 statements.
Your Annual Statement will include earnings added to your retirement account for the year ending December 31, 2004. No contributions were added to your Tier One or Tier Two account in 2004; as of January 1, 2004 all contributions have been placed in your Individual Account Program (IAP) account.
For Tier One members, regular account earnings crediting for 1999 are being recalculated at 11.33 percent (instead of 20 percent) as a result of the Eugene case. The annual statement will include the effect of the 1999 earnings crediting recalculation and will add earnings crediting for 2000, 2001, 2002, 2003, and 2004 at 8 percent per year. Contributions will also be added for all years except 2004. Earnings crediting for 2003 and subsequent years was restored by the Strunk decision.
Your Tier One total account balance will be the result of the 1999 recalculation, earnings credited for subsequent years, and contributions for those years (except 2004).
A generic example shows the adjustments to a Tier One member regular account.
Tier Two member account balances were not affected by the Strunk or Eugene cases. Earnings crediting for 2004 is 13.27 percent.
If you participate in the variable, the balance in that account will be included in your total account balance. The variable portion of your Tier One or Tier Two account will be credited with 13.00 percent for 2004.
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