The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2021 at its
March 28, 2022 meeting:
Member Accounts
| Tier One Member
Regular* | 7.20% |
| Tier Two Member Regular | 20.14% |
| Individual Account Program (IAP)** | Various |
| Variable | 18.88% |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 20.14% |
| OPSRP EPSA | 20.43% |
| 2021 IAP
Earnings Rates |
|---|
|
Member Birth Year
|
Target-Date Fund (TDF)
|
2020 Rates
|
|---|
|
In 1957 or before
| Retirement Allocation Fund | 13.89% |
|
Between 1958 and 1962
| 2025 | 14.20% |
|
Between 1963 and 1967
| 2030 | 16.36% |
|
Between 1968 and 1972
| 2035 | 18.18% |
|
Between 1973 and 1977
| 2040 | 18.36% |
|
Between 1978 and 1982
| 2045 | 17.82% |
|
Between 1983 and 1987
| 2050 | 16.76% |
|
Between 1988 and 1992
| 2055 | 14.91% |
| Between 1993 and 1997 | 2060 | 11.36% |
| In 1998 or after | 2065 | 14.64% |
Final 2021 Crediting and Reserving
(All dollar amounts in millions)
| Reserve/Account | Balance Before 2021 Crediting | Final 2021 Crediting Amount
| Final Ending Reserve Balance |
|---|
| Tier One
Member Regular Accounts | 2,575.6 | 185.5 | 2,761.1 |
|---|
| Tier One
Rate Guarantee | 526.8 | 439.6 | 966.4 |
|---|
| Tier Two
Member Regular Accounts | 951.4 | 191.8 | 1,143.2 |
|---|
Benefits in
Force (BIF)
| 18,125.5 | 3,651.8 | 21,777.3 |
|---|
Employer
| 35,304.0 | 7,112.6 | 42,416.6 |
|---|
Tier One/Tier Two EPSA
| 126.0 | 25.0 | 151.0 |
|---|
OPSRP
Pension
| 8,417.9 | 1,720.3 | 10,138.2 |
|---|
OPSRP EPSA
| 91.8 | 18.8 | 110.6 |
|---|
| IAP
Accounts, as a whole | 11,187.3 | 1,810.5 | 12,997.8 |
|---|
| UAL Lump-Sum
Payment Side Accounts | 5,581.5 | 1,056.6 | 6,638.1 |
|---|
| Contingency
| 32.0 | 18.0 | 50.0 |
|---|
|
TOTAL
|
$82,919.8
|
$16,230.5
|
$99,150.3
|
|---|
*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.