The following information is provided to retirees who directly receive installment payments from their Individual Account Program (IAP) balance on a monthly, quarterly, or annual basis.
If you previously cashed out or rolled over your entire IAP balance, this does not apply to you.
If you no longer want to receive IAP installment payments, you can choose to receive a one-time, lump-sum distribution of the remainder of your IAP balance at any time. Find required forms and other information on the
IAP Installments webpage. Please be aware that processing IAP cash-outs can take up to 120 days; however, you will continue to receive investment returns during that time.
Current IAP installment earnings
2024
| Earnings Available for Crediting as of the end of: | IAP Account Balance and Payments Updated on | Monthly Change Rate Credited to IAP Accounts | Latest Year-To-Date |
|---|
| January 2024 | March 1, 2024 | 0.45% | 0.45% |
| February 2024 | April 1, 2024 | 0.03% | 0.48% |
| March 2024 | May 1, 2024 | 0.44% | 0.92% |
| April 2024 | June 1, 2024 | 0.06% | 0.98% |
| May 2024 | July 1, 2024 | 0.42% | 1.40% |
| June 2024 | August 1, 2024 | 0.09% | 1.49% |
| July 2024 | September 1, 2024 | 0.41% | 1.90% |
| August 2024 | October 1, 2024 | 0.09% | 1.99% |
| September 2024 | November 1, 2024 | 0.38% | 2.37% |
| October 2024 | December 1, 2024 | 0.14% | 2.51% |
PERS investments, including your IAP account, are managed by the Oregon State Treasury, under direction from the
Oregon Investment Council.
The Oregon Short Term Fund is not invested in the stock market. The fund is managed for three priorities:
- Preservation of capital.
- Liquidity.
- Yield.
This leads to fewer fluctuations in month-to-month investment returns on your remaining IAP balance. The Oregon
Investment Council’s investment strategy is meant to preserve your remaining account balance in a conservative
manner.
IAP installment account balances are adjusted each month using an amount called the “monthly change rate.”
Before money is taken out of your IAP account for your installment payments, your payment amount is adjusted to
reflect the gains or losses on your remaining account balance.
PERS credits earnings for IAP account installment payments following
OAR 459-007-0330 and
OAR 459-080-0250.
Crediting your IAP account with earnings on a monthly basis requires PERS to:
-
Receive
investment-performance information for the previous month-end from Oregon
State Treasury.
-
Near the
middle-to-end of the following month, determine applicable administrative fees and expenses (from PERS
and Treasury). The Retirement Installments Fund receives a share of those fees based on
the total account balance of the entire fund.
-
Using available
investment-performance information, subtract the applicable fees and expenses. PERS then calculates
the earnings available for crediting to the Retirement Installments
Fund.
-
Divide the
total earnings available for crediting by the total account
balance of the Retirement Installments Fund. The result is the latest year-to-date
(YTD) earnings amount. PERS publishes this as the “latest year-to-date.”
-
Subtract
the latest month’s YTD earnings amount from
the previous YTD earnings amount. This results in the monthly
change rate, which is credited to all individual IAP accounts receiving installment
payments.
Please note that all
these variables can fluctuate based on changes in investment performance and the total amount of money in
the Retirement Installments Fund. As new retirees begin installment payments and join the Retirement
Installments Fund and existing retirees take distributions from their IAP account balance, the total account
balance of the Retirement Installments Fund fluctuates.
Although your IAP balance is adjusted every month with the
monthly change rate, regardless of your payment frequency, reviewing the “latest year-to-date”
information gives you a better understanding of your investment returns as a whole.
2020 IAP installments investment change: Retirement Installments Fund
Starting January 1, 2020 (first impacting payments and account balances as of March 1, 2020), your remaining IAP
account balance receives investment returns based on the
Oregon Short Term Fund,
which is managed by the Oregon State Treasury.
Previous IAP installment earnings
In 2018 and 2019, members receiving IAP installment payments were invested in the Retirement Allocation Fund. View
previous IAP earnings , keeping in mind that the dates
listed reflected the “earnings available for crediting” month-end dates, not the actual dates your account balance
was updated. For example, December 2019 data impacted your February 1, 2020, account balance or payment.
Previous year earnings
2023
| Earnings Available for Crediting as of the end of: | IAP Account Balance and Payments Updated on | Monthly Change Rate Credited to IAP Accounts | Latest Year-To-Date |
|---|
January 2023
| March 1, 2023
| 0.05%
| 0.05 % |
February 2023
| April 1, 2023
| 0.51%
| 0.56%
|
| March 2023 | May 1, 2023 | -0.15%
| 0.41%
|
April 2023
| June 1, 2023
| 0.45%
| 0.86%
|
May 2023
| July 1, 2023
| -0.07%
| 0.79%
|
June 2023
| August 1, 2023
| 0.41%
| 1.20%
|
July 2023
| September 1, 2023
| -0.01%
| 1.19%
|
August 2023
| October 1, 2023 | 0.38%
| 1.57%
|
September 2023
| November 1, 2023
| 0.02%
| 1.59%
|
October 2023
| December 1, 2023 | 0.40%
| 1.99%
|
November 2023
| January 1, 2024
| 0.08%
| 2.07%
|
December 2023
| February 1, 2024
| 0.39%
| 2.46%
|
2022
Earnings Available for Crediting as of the end of:
| IAP Account Balance and Payments Updated on | Monthly Change Rate Credited to IAP Accounts | Latest Year-To-Date |
|---|
January 2022
| March 1, 2022
| -0.06%
| -0.06 %
|
February 2022
| April 1, 2022
| 0.22%
| 0.16%
|
| March 2022 | May 1, 2022 | -0.16% | 0.00% |
April 2022
| June 1, 2022 | 0.29%
| 0.29% |
May 2022
| July 1, 2022
| -0.20%
| 0.09%
|
June 2022
| August 1, 2022
| 0.25%
| 0.34%
|
July 2022
| September 1, 2022
| -0.12%
| 0.22%
|
August 2022
| October 1, 2022 | 0.23% | 0.45% |
September 2022
| November 1, 2022
| -0.08%
| 0.37%
|
October 2022
| December 1, 2022 | 0.23% | 0.60% |
November 2022
| January 1, 2023
| 0.01%
| 0.61% |
December 2022
| February 1, 2023
| 0.26%
| 0.87%
|
2021
| Earnings Available for Crediting as of the end of: | IAP Account Balance and Payments Updated on | Monthly Change Rate Credited to IAP Accounts | Latest Year-To-Date |
|---|
January 2021
| March 1, 2021
| -0.14% | -0.14% |
February 2021
| April 1, 2021
| 0.38% | 0.24% |
March 2021
| May 1, 2021
| -0.22%
| 0.02%
|
April 2021
| June 1, 2021
| 0.24%
| 0.26%
|
May 2021
| July 1, 2021
| -0.17%
| 0.09%
|
June 2021
| August 1, 2021
| 0.20%
| 0.29%
|
July 2021
| September 1, 2021
| -0.13%
| 0.16%
|
August 2021
| October 1, 2021
| 0.15%
| 0.31%
|
September 2021
| November 1, 2021
| -0.10%
| 0.21%
|
October 2021
| December 1, 2021
| 0.13%
| 0.34%
|
November 2021
| January 1, 2022
| -0.11%
| 0.23%
|
December 2021
| February 1, 2022
| 0.11%
| 0.34%
|