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.