The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2019 at its
March 30, 2020 meeting:
Member Accounts
| Tier One Member Regular* |
7.20% |
|---|
| Tier Two Member Regular |
13.27% |
| Individual Account Program (IAP)** |
Various |
| Variable |
28.80% |
| 2019 IAP Earnings Rates |
|---|
| Member Birth Year
|
Target-Date Fund (TDF)
|
2019 Rates |
|---|
| In 1952 or before |
Retirement Allocation Fund |
9.18% |
| Between 1953 and 1957 |
2020 |
10.54% |
| Between 1958 and 1962 |
2025 |
13.05% |
| Between 1963 and 1967 |
2030 |
13.65% |
| Between 1968 and 1972 |
2035 |
13.01% |
| Between 1973 and 1977 |
2040 |
12.69% |
| Between 1978 and 1982 |
2045 |
14.84% |
| Between 1983 and 1987 |
2050 |
14.14% |
| Between 1988 and 1992 |
2055 |
12.36% |
| In 1993 or after |
2060 |
8.57% |
Final 2019 Crediting and Reserving
(All dollar amounts in millions)
| Reserve/Account |
Balance Before 2019 Crediting |
Final 2019 Crediting Amount
|
Final Ending Reserve Balance |
|---|
| Tier One Member Regular Accounts |
3,295.5 |
237.3 |
3,532.8 |
|---|
| Tier One Rate Guarantee |
257.6 |
234.4 |
492.0 |
|---|
| Tier Two Member Regular Accounts |
871.5 |
115.7 |
987.2 |
|---|
| Benefits in Force (BIF) |
19,483.9 |
2,586.5 |
22,070.4 |
|---|
| Employer |
28,296.3 |
3,756.3 |
32,052.6 |
|---|
| OPSRP Pension |
5,526.1 |
738.1 |
6,264.2 |
|---|
| IAP Accounts, as a whole |
8,885.0 |
1,155.6 |
10,040.6 |
|---|
| UAL Lump-Sum Payment Side Accounts |
4,797.3 |
667.9 |
5,465.2 |
|---|
| Contingency |
50.0 |
-- |
50.0 |
|---|
| TOTAL |
$71,463.2 |
$9,491.8 |
$80,955.0 |
|---|
*By law, Tier One members receive the PERS Board-adopted assumed interest rate in effect each calendar year. See OAR 459-007-0005 (11).
**Starting in 2018, the investment strategy of the IAP changed from a one-size-fits-all approach to target-date funds (TDFs) that reduce investment risk and volatility as members age.