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 Regular | 20.14% |
| 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 before | Retirement Allocation Fund | 13.89% |
|
Between 1958 and 1962 | 2025 | 14.20% |
|
Between 1963 and 1967 | 2030 | 16.36% |
|
Between 1968 and 1972 | 2035 | 18.18% |
|
Between 1973 and 1977 | 2040 | 18.36% |
|
Between 1978 and 1982 | 2045 | 17.82% |
|
Between 1983 and 1987 | 2050 | 16.76%
|
|
Between 1988 and 1992 | 2055 | 14.91% |
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/Account | Balance Before 2021 Crediting | Final 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 Accounts | 951.4
| 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 whole | 11,187.3
| 1,810.5
| 12,997.8
|
|---|
| UAL Lump-Sum Payment Side Accounts | 5,581.5
| 1,056.6
| 6,638.1
|
|---|
| Contingency | 32.0
| 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.