RETIREES

​​​If you remained in the Variable Annuity Program at retirement, your monthly retirement benefit will be adjusted beginning with your February 1, 2022, payment. PERS will mail you a letter in January 2022 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, 2020, to October 31, 2021), 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, 2021, 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 2021
Before January 1, 1978​ 5.5%​ 31.30% increase to variable portion​
On or after January 1, 1978
Before June 1, 1992​
​7.0% 29.46% increase to variable portion
​On or after June 1, 1992
Before January 1, 2014
8.0%​ 28.26% increase to variable portion​
On or after January 1, 2014
Before January 1, 2016​
7.75%​ 28.56% increase to variable portion​
​On or after January 1, 2016
Before January 1, 2018
​7.5% 28.86% increase to variable portion​
​On or after January 1, 2018
and received first benefit payment before November 1, 2018
​7.2% 29.22​% increase 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.​​​