The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2022 at its
April 3, 2023, meeting:
Member Accounts
| Tier One Member Regular* | 6.90% |
| Tier Two Member Regular | -1.91 % |
| Individual Account Program (IAP)** | Various |
| Variable | -21.52% |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | -1.91% |
| Oregon Public Service Retirement Plan (OPSRP) EPSA | -1.91% |
2022 IAP Earnings Rates
| Member Birth Year | Target-date Fund (TDF) | 2022 Rates |
|---|
| In 1957 or before | Retirement Allocation Fund | -8.15% |
| Between 1958 and 1962 | 2025 | -6.41% |
| Between 1963 and 1967 | 2030 | -5.43% |
| Between 1968 and 1972 | 2035 | -3.70% |
| Between 1973 and 1977 | 2040 | -2.18% |
| Between 1978 and 1982 | 2045 | -4.00 % |
| Between 1983 and 1987 | 2050 | -5.07% |
| Between 1988 and 1992 | 2055 | -4.49% |
| Between 1993 and 1997 | 2060 | -3.55% |
| In 1998 or after | 2065 | -5.41% |
Final 2022 Crediting and Reserving (All dollar amounts in millions)
| Reserve/Account | Balance Before 2022 Crediting | Final 2022 Crediting Amount*** | Final Ending Reserve Balance |
|---|
| Tier One Member Regular Accounts | 2,238.8 | 154.5 | 2,393.3 |
| Tier One Rate Guarantee | 960.7 | (215.7) | 745.0 |
| Tier Two Member Regular Accounts | 1,056.5 | (20.2) | 1,036.3 |
| Benefits in Force (BIF) | 18,799.4 | (359.7) | 18,439.7 |
| Employer | 42,938.8 | (866.6) | 42,072.2 |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 221.1 | (3.9) | 217.2 |
| OPSRP Pension | 11,098.3 | (212.0) | 10,886.3 |
| OPSRP EPSA | 177.8 | (3.1) | 174.7 |
| IAP Accounts, as a whole | 12,904.1 | (551.6) | 12,352.5 |
| UAL Lump-Sum Payment Side Accounts | 6,314.7 | (116.6) | 6,198.1 |
| Contingency | 50.0 | - | 50.0 |
| TOTAL | $96,760.2 | ($2,194.9) | $94,565.3 |
*By law, Tier One members receive the PERS Board-adopted assumed interest rate in effect each calendar year. Read
Oregon Administrative Rule 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.
***Amounts in parentheses represent losses.