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2011 earnings crediting

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



Tier One Member Regular8.00%
Tier Two Member Regular2.21%
Individual Account Program2.15%


2011 reserving/crediting

Reserve/AccountBalance Before 2011 Crediting ($ millions)Final 2011 Crediting Amount
($ millions)
Final Ending Reserve Balance ($ millions)
Tier One Member Regular Accounts6,221.7497.86,719.5
Tier One Rate Guarantee-199.1-364.2-364.2
Benefits in Force (BIF)19,637.2435.520,072.7
Tier Two Member Regular Accounts677.015.0692.0
OPSRP Pension823.013.5836.5
UAL Lump-Sum Payment Side Accounts5,075.5149.95,225.4
IAP Accounts3,856.982.83,939.7
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.