The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2020 at its
March 29, 2020 meeting:
Member Accounts
| Tier One Member Regular* | 7.20% |
| Tier Two Member Regular | 7.18% |
| Individual Account Program (IAP)** | Various |
Variable
| 11.77% |
Tier One/Tier Two Employee Pension Stability Account (EPSA)
| 7.18% |
OPSRP EPSA
| 7.24% |
| 2020 IAP Earnings Rates |
|---|
|
Member Birth Year |
Target-Date Fund (TDF) |
2020 Rates |
|---|
|
In 1957 or before | Retirement Allocation Fund | 9.17% |
|
Between 1958 and 1962 | 2025 | 8.83% |
|
Between 1963 and 1967 | 2030 | 9.25% |
|
Between 1968 and 1972 | 2035 | 8.14% |
|
Between 1973 and 1977 | 2040 | 7.37% |
|
Between 1978 and 1982 | 2045 | 9.24% |
|
Between 1983 and 1987 | 2050 | 9.67% |
|
Between 1988 and 1992 | 2055 | 8.72% |
Between 1993 and 1997
| 2060
| 7.27%
|
In 1998 or after
| 2065
| 6.02%
|
Final 2020 Crediting and Reserving
(All dollar amounts in millions)
| Reserve/Account | Balance Before 2020 Crediting | Final 2020 Crediting Amount
| Final Ending Reserve Balance |
|---|
| Tier One Member Regular Accounts | 2,927.2 | 210.8 | 3,138.0 |
|---|
| Tier One Rate Guarantee | 492.0 | 34.8 | 526.8 |
|---|
| Tier Two Member Regular Accounts | 973.0 | 69.9 | 1,042.9 |
|---|
| Benefits in Force (BIF) | 19,449.4 | 1,396.8 | 20,846.2 |
|---|
| Employer | 32,543.3 | 2,336.9 | 34,880.2 |
|---|
| OPSRP Pension | 7,039.1 | 509.8 | 7,548.9 |
|---|
| IAP Accounts, as a whole | 10,362.5 | 867.5 | 11,230.0 |
|---|
| UAL Lump-Sum Payment Side Accounts | 4,778.7 | 343.3 | 5,122.0 |
|---|
| Contingency | 50.0 | - | 50.0 |
|---|
| TOTAL | $78,615.2 | $5,769.8 | $84,385.0
|
|---|
*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.