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Individual Account Program

Individual Account Program


What is a Target Date Fund and how does it work? Check out this award-winning video that explains how Target Date Funds make retirement investing easier.

Reducing Investment Risk as You Age

The Individual Account Program, the account-based benefit of PERS, was converted to a Target Date Fund format at the beginning of 2018. This conversion reflects an investment best practice and will better protect older workers from potential losses as they approach and enter retirement.

IAP Target Date Fund Profile

Quarterly performance information for Target Date Funds 

(Note: These fact sheets reflect investment performance of the Target Date Funds. IAP account returns are credited by PERS once annually on a calendar year-end basis, in the subsequent April. Earnings credited to member accounts by PERS are different than the amount earned by investments. This is due to PERS administrative expenses and reserving requirements provided in statutes, administrative rules, and PERS Board actions.)

 Oregon IAP 2020 Q4 - 2018.pdf

 Oregon IAP 2025 Q4 - 2018.pdf

 Oregon IAP 2030 Q4 - 2018.pdf

 Oregon IAP 2035 Q4 - 2018.pdf

 Oregon IAP 2040 Q4 - 2018.pdf

 Oregon IAP 2045 Q4 - 2018.pdf

 Oregon IAP 2050 Q4 - 2018.pdf

 Oregon IAP 2055 Q4 - 2018.pdf

 Oregon IAP 2060 Q4 - 2018.pdf

 Oregon IAP RETIREMENT Q4 - 2018.pdf


Which Target Date Fund am I In?

PERS-covered workers receive an annual IAP account deposit equal to 6 percent of salary. Before 2018, all IAP accounts had exactly the same investment risk, independent of participants’ unique age and retirement horizon profiles. This uniform approach was not consistent with fiduciary standards and investment best practices.

The new Target Date Fund structure gradually reduces investment risk as participants age.

This “glidepath” methodology is embedded in each, separate Target Date Fund. Younger workers take on more investment risk in exchange for higher, long-term growth potential. Decades later, this approach protects those very same workers from adverse market volatility as they approach and enter retirement.

Your specific fund is based on your birth year. See the chart below:

Birth Year
In 1993 of after IAP 2060 Target-Date Fund
Between 1988 and 1992 IAP 2055 Target-Date Fund
Between 1983 and 1987 IAP 2050 Target-Date Fund
Between 1978 and 1982 IAP 2045 Target-Date Fund
Between 1973 and 1977 IAP 2040 Target-Date Fund
Between 1968 and 1972 IAP 2035 Target-Date Fund
Between 1963 and 1967 IAP 2030 Target-Date Fund
Between 1958 and 1962 IAP 2025 Target-Date Fund
Between 1953 and 1957 IAP 2020 Target-Date Fund
In 1952 or before IAP Retirement Allocation Fund

Can I Choose a Different Option or Target-Date Fund?

Since the IAP’s inception in 2004, individual account balances had been invested the same way, for every person, at every age. As described above, the new, smarter Target Date Fund structure is now the default for all IAP participants. Before this year’s Target Date Fund conversion, participants did not have the option to select a different investment approach. That has not changed. Currently, “participant choice” is not available in the new Target Date Fund structure.

The option of adding a choice component has been discussed. House Bill 4159 (2018) would have provided limited member choice among Individual Account Program (IAP) investments. However, following a review mandated by HB 4159, Treasury determined that if implemented as drafted, this legislation violated legal and fiduciary standards.

We will update this page to keep you informed if there are legislative changes that modify the IAP.

I Have Questions About my IAP Account

Visit to learn more about your retirement benefits. You may also view your IAP account through Questions about retirement benefits may be directed to PERS Member Services at 888-320-7377. Representatives are available Monday–Friday 8:30 a.m. to 5:00 p.m. (Pacific Time).

I Have Questions About Treasury and The IAP Program Generally

Visit the IAP site. Please contact Treasury about IAP and related matters at

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