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Public Employees Retirement System

​​​​​​​The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2021 at its March 28, 2022 meeting​:

 ​

Member Accounts

Tier One Member Regular*7.20%
Tier Two Member Regular20.14%
Individual Account Program (IAP)**Various
Variable
18.88%
​Tier One/Tier Two Employee Pension Stability Account (EPSA)
​20.14%
​OPSRP EPSA​
20.43%​

 

​2021​ IAP Earnings Rates
​Member Birth Year ​Target-Date Fund (TDF) 2020 Rates 
In 1957 or beforeRetirement Allocation Fund13.89%
Between 1958 and 1962 202514.20%
Between 1963 and 1967 203016.36%
Between 1968 and 1972 203518.18%
Between 1973 and 1977 204018.36%
Between 1978 and 1982 204517.82%
Between 1983 and 1987 205016.76%
Between 1988 and 1992 205514.91%
Between 1993 and 1997
2060
​11.36%
In 1998 or after 
2065
 14.64%​


Final 2021 Crediting and Reserving

(All dollar amounts in millions)

Reserve/AccountBalance Before 2021 CreditingFinal 2021​ Crediting Amount
Final Ending Reserve Balance
​Tier One Member Regular Accounts 2,575.6
185.5
2,761.1
Tier One Rate Guarantee 526.8
439.6
966.4
Tier Two Member Regular Accounts951.4
191.8
1,143.2
​Benefits in Force (BIF)
18,125.5
3,651.8
21,777.3
Employer
35,304.0
7,112.6
42,416.6
​Tier One/Tier Two EPSA
126.0​​25.0
151.0​
OPSRP Pension
8,417.9
1,720.3
10,138.2
​​OPSRP EPSA
​91.8
18.8​110.6​
IAP Accounts, as a whole11,187.3
1,810.5
12,997.8
UAL Lump-Sum Payment Side Accounts5,581.5
1,056.6
6,638.1
Contingency32.0
18.0
50.0
TOTAL$82,919.8
$16,230.5
$99,150.3​​


*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.