The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2019 at its
March 30, 2020
meeting:
Member Accounts
| Account type | Earnings factors |
|---|
| Tier One Member Regular*
| 7.20% |
|---|
| Tier Two Member Regular | 13.27% |
| Individual Account Program (IAP)** | Various |
| Variable | 28.80% |
|
2019 IAP Earnings Rates |
|---|
|
Member Birth Year
|
Target-Date Fund (TDF)
|
2019 Rates
|
|---|
| In 1952 or before | Retirement Allocation Fund | 9.18% |
| Between 1953 and 1957 | 2020 | 10.54% |
| Between 1958 and 1962 | 2025 | 13.05% |
| Between 1963 and 1967 | 2030 | 13.65% |
| Between 1968 and 1972 | 2035 | 13.01% |
| Between 1973 and 1977 | 2040 | 12.69% |
| Between 1978 and 1982 | 2045 | 14.84% |
| Between 1983 and 1987 | 2050 | 14.14% |
| Between 1988 and 1992 | 2055 | 12.36% |
| In 1993 or after | 2060 | 8.57% |
Final 2019 Crediting and Reserving
(All dollar amounts in millions)
Reserve/Account
| Balance Before 2019 Crediting | Final 2019 Crediting
Amount
| Final Ending Reserve Balance
|
|---|
| Tier One Member Regular
Accounts | 3,295.5 | 237.3 | 3,532.8 |
|---|
| Tier One Rate Guarantee | 257.6 | 234.4 | 492.0 |
|---|
| Tier Two Member Regular
Accounts | 871.5 | 115.7 | 987.2 |
|---|
| Benefits in Force
(BIF) | 19,483.9 | 2,586.5 | 22,070.4 |
|---|
| Employer | 28,296.3 | 3,756.3 | 32,052.6 |
|---|
| OPSRP Pension | 5,526.1 | 738.1 | 6,264.2 |
|---|
| IAP Accounts, as a
whole | 8,885.0 | 1,155.6 | 10,040.6 |
|---|
| UAL Lump-Sum Payment Side
Accounts | 4,797.3 | 667.9 | 5,465.2 |
|---|
| Contingency | 50.0 | -- | 50.0 |
|---|
|
TOTAL
|
$71,463.2
|
$9,491.8
|
$80,955.0
|
|---|
*By law, Tier One members receive the PERS Board-adopted assumed interest rate in effect each calendar year.
See OAR 459-007-0005 (11).
**Starting in 2018, the investment strategy of the IAP changed from a one-size-fits-all approach to
target-date funds (TDFs) that reduce
investment risk and volatility as members age.