Monthly Benefit Change for Retirees in Variable Account for 2023

If you remained in the Variable Annuity Program at retirement, your monthly retirement benefit will be adjusted beginning with your February 1, 2023, payment. PERS will mail you a letter in January 2023 with information regarding your adjustment. If you review your account in OMS, this change will be reflected in your February 1 benefit

Adjustments to variable accounts occur annually and are based on your variable account’s 12-month period of gains or losses as of the preceding October 31 (i.e., November 1, 2021, to October 31, 2022), minus the assumed interest rate in effect at the time of retirement. See the table below.

Note that variable account investment returns through October 31, 2022, can affect individual retired members differently. The difference is due to the assumed interest rate in effect at the time of initial retirement and because variable program participants can have different proportions of their benefits funded by their variable annuities, depending on their participation patterns, contribution levels, and earnings or losses credited since retirement.

Retirement date	Assumed rate at retirement	Variable account adjustment beginning February 2023
Before January 1, 1978	5.5%	27.54% decrease to variable portion
On or after January 1, 1978 Before June 1, 1992	7.0%	28.55% decrease to variable portion
On or after June 1, 1992 Before January 1, 2014	8.0%	29.21% decrease to variable portion
On or after January 1, 2014 Before January 1, 2016	7.75%	29.05% decrease to variable portion
On or after January 1, 2016 Before January 1, 2018	7.5%	28.89% decrease to variable portion
On or after January 1, 2018 and received first benefit payment before November 1, 2018	7.2%	28.69% decrease in variable portion
Received first benefit payment on or after November 1, 2018, and before November 1, 2019	7.2%	Variable adjustment based on the month you retired. View in Online Member Services (OMS).
Received first benefit payment on or after November 1, 2019	7.2%	First variable adjustment to be received in February 2022

Have questions about the Variable Annuity Program? Read the Understanding the Variable Annuity Program FAQ for information on decisions you may have made prior to retirement regarding variable participation and for additional details on how the variable is calculated for retirees each year.