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Individual Account Program

Individual Account Program

The Individual Account Program (IAP) is an account-based retirement benefit for members of the Public Employees Retirement System (PERS). Oregon State Treasury oversees the investment of IAP funds and the Oregon Public Employees Retirement Fund.

Quick resources:

What are Target-Date Funds?

IAP's Target-Date Fund structure gradually reduces investment risk as participants age. Younger workers take on more investment risk in exchange for higher, long-term growth potential. Older workers are protected from adverse market volatility as they approach and enter retirement. Keep reading for information on how you can choose a different target-date fund.

This video explains how target-date funds make retirement investing easier.

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What’s My Target-Date Fund?

Your target-date fund is based on your birth year and named for the date range when you might expect to retire.

In 2020, the Oregon Investment Council added a new 2065 Target-Date Fund for younger workers who've entered the system and consolidated the 2020 Target-Date Fund into the Retirement Allocation Fund.

To learn more about your target-date fund and its performance, find your birth year on the left in the table below and click the corresponding down arrow.

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When Are IAP Returns Reflected in My Account?

While Oregon Treasury reports overall investment fund performance quarterly, individual IAP account returns are only credited by PERS each April for the previous calendar year. Earnings credited to member accounts by PERS are different than the amount earned by investments. This is due to PERS administrative expenses and reserve requirements provided in statutes, administrative rules, and PERS Board actions. You can find more details on the PERS website:

Member Choice Allows You to Select a Different IAP Target-Date Fund

IAP participants may choose to invest their IAP balance in a different target-date fund thanks to provisions of Senate Bill 1049, passed in 2019. Your default IAP target-date fund is automatically chosen based on your birth year. During an enrollment period held each September by PERS, you may choose to invest your IAP balance in a target-date fund that is more reflective of your own risk tolerance than the default based on your age.

For more information about this voluntary option, please read Understanding IAP Target-Date Funds and Member Choice.

To learn more about IAP Member Choice and the other changes approved by the Legislature in SB 1049, visit the PERS website:

In addition, you can sign up for email updates from PERS about SB 1049.

Background on IAP Target-Date Funds

In 2018, the Individual Account Program was converted to a target-date fund format, reflecting investment best practices that better protects older workers from potential losses as they approach and enter retirement.

Before 2018, all IAP accounts had exactly the same investment risk, independent of participants’ age and retirement horizon profiles. This uniform approach was not consistent with fiduciary standards and investment best practices.

How Else Can I Stay Involved?

Subscribe to our newsletter! “Invested for You" is written for Oregon Public Employees Retirement Fund (OPERF) beneficiaries.

To read past issues, click here.

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 or via email at Representatives are available Monday–Friday 8:30 a.m. to 5:00 p.m. (Pacific Time).

I Have Questions About Treasury or IAP Investments

Please contact Treasury about the investment structure of the IAP and related matters at Please note that Treasury does not have individual member account data.