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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.
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.
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