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2022 earnings crediting

The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2022 at its April 3, 2023, meeting:

Member Accounts
Tier One Member Regular* 6.90%
Tier Two Member Regular -1.91 %
Individual Account Program (IAP)** Various
Variable -21.52%
Tier One/Tier Two Employee Pension Stability Account (EPSA) -1.91%
Oregon Public Service Retirement Plan (OPSRP) EPSA -1.91%

2022 IAP Earnings Rates
Member Birth YearTarget-date Fund (TDF)2022 Rates
In 1957 or beforeRetirement Allocation Fund-8.15%
Between 1958 and 19622025-6.41%
Between 1963 and 19672030-5.43%
Between 1968 and 19722035-3.70%
Between 1973 and 19772040-2.18%
Between 1978 and 19822045-4.00 %
Between 1983 and 19872050-5.07%
Between 1988 and 19922055-4.49%
Between 1993 and 19972060-3.55%
In 1998 or after 2065-5.41%

Final 2022 Crediting and Reserving
(All dollar amounts in millions)
Reserve/AccountBalance Before 2022 CreditingFinal 2022 Crediting Amount***Final Ending Reserve Balance
Tier One Member Regular Accounts2,238.8154.52,393.3
Tier One Rate Guarantee960.7(215.7)745.0
Tier Two Member Regular Accounts1,056.5(20.2)1,036.3
Benefits in Force (BIF)18,799.4(359.7)18,439.7
Tier One/Tier Two Employee Pension Stability Account (EPSA)221.1(3.9)217.2
OPSRP Pension11,098.3(212.0)10,886.3
OPSRP EPSA177.8(3.1)174.7
IAP Accounts, as a whole12,904.1(551.6)12,352.5
UAL Lump-Sum Payment Side Accounts6,314.7(116.6)6,198.1

*By law, Tier One members receive the PERS Board-adopted assumed interest rate in effect each calendar year. Read Oregon Administrative Rule 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.

***Amounts in parentheses represent losses.