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Public Employees Retirement System

The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2011 at its March 22, 2012 meeting:

 

ACCOUNTS

Tier One Member Regular 8.00%
Tier Two Member Regular 2.21%
Individual Account Program 2.15%
Variable -7.80%

 

2011 RESERVING/CREDITING

Reserve/Account Balance Before 2011 Crediting ($ millions) Final 2011 Crediting Amount
($ millions)
Final Ending Reserve Balance ($ millions)
Contingency* $734.4 $0.0 $535.3
Tier One Member Regular Accounts 6,221.7 497.8 6,719.5
Tier One Rate Guarantee -199.1 -364.2 -364.2
Benefits in Force (BIF) 19,637.2 435.5 20,072.7
Tier Two Member Regular Accounts 677.0 15.0 692.0
Employer 16,507.0 366.1 16,873.1
OPSRP Pension 823.0 13.5 836.5
UAL Lump-Sum Payment Side Accounts 5,075.5 149.9 5,225.4
IAP Accounts 3,856.9 82.8 3,939.7
TOTAL $53,333.6 $1,196.4 $54,530.0

 

*$199.1 million was moved from the Contingency Reserve to the Tier One Rate Guarantee Reserve to liquidate the 2008 deficit. The negative $364.2 balance in the Tier One Guarantee Reserve is a result of crediting 8 percent to Tier One member accounts in 2011.