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.