The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2023 at its
April 1, 2024, meeting:
Member Accounts
| Tier One Member Regular* | 6.90% |
| Tier Two Member Regular | 5.52% |
| Individual Account Program (IAP)** | Various |
| Variable | 21.37% |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 5.52% |
| Oregon Public Service Retirement Plan (OPSRP) EPSA | 5.55% |
2023 IAP Earnings Rates
| Member Birth Year | Target-date Fund (TDF) | 2023 Rates |
|---|
| In 1957 or before | Retirement Allocation Fund | 9.18% |
| Between 1958 and 1962 | 2025 | 6.47% |
| Between 1963 and 1967 | 2030 | 7.07% |
| Between 1968 and 1972 | 2035 | 6.78% |
| Between 1973 and 1977 | 2040 | 5.90% |
| Between 1978 and 1982 | 2045 | 6.49% |
| Between 1983 and 1987 | 2050 | 8.41% |
| Between 1988 and 1992 | 2055 | 7.79% |
| Between 1993 and 1997 | 2060 | 6.75% |
| In 1998 or after | 2065 | 6.86% |
Final 2023 Crediting and Reserving (All dollar amounts in millions)
| Reserve/Account | Balance Before 2023 Crediting | Final 2023 Crediting Amount | Final Ending Reserve Balance |
|---|
| Tier One Member Regular Accounts | 1,971.0 | 136.1 | 2,107.1 |
| Tier One Rate Guarantee | 736.5 | 13.5 | 750.0 |
| Tier Two Member Regular Accounts | 981.5 | 54.2 | 1,035.7 |
| Benefits in Force (BIF) | 15,035.0
| 830.1 | 15,865.1 |
| Employer | 42,696.2 | 2,359.5 | 45,055.7 |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 278.3 | 15.2 | 293.5 |
| OPSRP Pension | 12,020.9 | 667.9 | 12,688.8 |
| OPSRP EPSA | 249.5 | 14.1 | 263.6 |
| IAP Accounts, as a whole | 12,446.2 | 832.3 | 13,278.5 |
| UAL Lump-Sum Payment Side Accounts | 5,091.6 | 322.7 | 5.414.3 |
| Contingency | 50.0 | - | 50.0 |
| TOTAL | $91,556.7 | 5,245.6 | $96,802.3 |
*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.