The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2025 at its
April 3, 2026, meeting:
Member Accounts
| Tier One Member Regular* | 6.90% |
| Tier Two Member Regular | 9.19% |
| Individual Account Program (IAP)** | Various |
| Variable | 22.32% |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 9.19% |
| Oregon Public Service Retirement Plan (OPSRP) EPSA | 9.29% |
2025 IAP Earnings Rates
| Member Birth Year | Target-Date fund (TDF) | 2025 Rates |
|---|
| In 1962 or before | Retirement Allocation Fund | 10.41 % |
| Between 1963 and 1967 | 2030 | 9.43% |
| Between 1968 and 1972 | 2035 | 10.04% |
| Between 1973 and 1977 | 2040 | 11.35% |
| Between 1978 and 1982 | 2045 | 11.73% |
| Between 1983 and 1987 | 2050 | 11.62% |
| Between 1988 and 1992 | 2055 | 11.09% |
| Between 1993 and 1997 | 2060 | 10.18% |
| Between 1998 and 2002 | 2065 | 9.64% |
| In 2003 or after | 2070 | 9.82% |
Final 2025 Crediting and Reserving
(All dollar amounts in millions)
| Reserve/Account | Balance Before 2025 Crediting | Final 2025 Crediting Amount | Final Ending Reserve Balance |
|---|
| Tier One Member Regular Accounts | 1,640.0 | 113.2 | 1,753.2 |
| Tier One Rate Guarantee | 741.1 | 105.8 | 846.9 |
| Tier Two Member Regular Accounts | 934.8 | 86.0 | 1,020.8 |
| Benefits in Force (BIF) | 9,383.7 | 863.0 | 10,246.7 |
| Employer | 49,204.9 | 4,525.5 | 53,730.4 |
| Tier One/Tier Two Employee Pension Stability Account (EPSA) | 395.3 | 36.5 | 431.8 |
| OPSRP Pension | 16,414.7 | 1,526.2 | 17,940.9 |
| OPSRP EPSA | 453.6 | 41.6 | 495.2 |
| IAP Accounts, as a whole | 14,312.1 | 1,500.6 | 15,812.7 |
| UAL Lump-Sum Payment Side Accounts | 3,430.2 | 362.1 | 3,792.3 |
| Contingency | 50.0 | 0.0 | 50.0 |
| TOTAL | $96,960.4 | $9,160.5 | $106,120.9 |
*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.