The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2020 at its
March 29,
2020 meeting:
Member Accounts
| Tier One Member
Regular* | 7.20% |
| Tier Two Member Regular | 7.18% |
| Individual Account Program (IAP)** | Various |
| Variable | 11.77% |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 7.18% |
| OPSRP EPSA | 7.24% |
|
2020 IAP Earnings Rates |
|---|
|
Member Birth Year
|
Target-Date Fund (TDF)
|
2020 Rates
|
|---|
|
In 1957 or before
| Retirement Allocation Fund | 9.17% |
|
Between 1958 and 1962
| 2025 | 8.83% |
|
Between 1963 and 1967
| 2030 | 9.25% |
|
Between 1968 and 1972
| 2035 | 8.14% |
|
Between 1973 and 1977
| 2040 | 7.37% |
|
Between 1978 and 1982
| 2045 | 9.24% |
|
Between 1983 and 1987
| 2050 | 9.67% |
|
Between 1988 and 1992
| 2055 | 8.72% |
| Between 1993 and 1997 | 2060 | 7.27% |
| In 1998 or after | 2065 | 6.02% |
Final 2020 Crediting and Reserving
(All dollar amounts in millions)
| Reserve/Account | Balance Before 2020 Crediting | Final 2020 Crediting Amount
| Final Ending Reserve Balance |
|---|
| Tier One
Member Regular Accounts | 2,927.2 | 210.8 | 3,138.0 |
|---|
| Tier One
Rate Guarantee | 492.0 | 34.8 | 526.8 |
|---|
| Tier Two
Member Regular Accounts | 973.0 | 69.9 | 1,042.9 |
|---|
| Benefits in
Force (BIF) | 19,449.4 | 1,396.8 | 20,846.2 |
|---|
| Employer
| 32,543.3 | 2,336.9 | 34,880.2 |
|---|
| OPSRP
Pension | 7,039.1 | 509.8 | 7,548.9 |
|---|
| IAP
Accounts, as a whole | 10,362.5 | 867.5 | 11,230.0 |
|---|
| UAL Lump-Sum
Payment Side Accounts | 4,778.7 | 343.3 | 5,122.0 |
|---|
| Contingency
| 50.0 | - | 50.0 |
|---|
|
TOTAL
|
$78,615.2
|
$5,769.8
|
$84,385.0
|
|---|
*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.