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2023 earnings crediting

The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2023 at its April 1, 2024, meeting:


Member Accounts
Tier One Member Regular* 6.90%
Tier Two Member Regular 5.52%
Individual Account Program (IAP)** Various
Variable 21.37%
Tier One/Tier Two Employee Pension Stability Account (EPSA) 5.52%
Oregon Public Service Retirement Plan (OPSRP) EPSA 5.55%


2023 IAP Earnings Rates
Member Birth YearTarget-date Fund (TDF)2023 Rates
In 1957 or beforeRetirement Allocation Fund9.18%
Between 1958 and 196220256.47%
Between 1963 and 196720307.07%
Between 1968 and 197220356.78%
Between 1973 and 197720405.90%
Between 1978 and 198220456.49%
Between 1983 and 198720508.41%
Between 1988 and 199220557.79%
Between 1993 and 199720606.75%
In 1998 or after 20656.86%


Final 2023 Crediting and Reserving
(All dollar amounts in millions)
Reserve/AccountBalance Before 2023 CreditingFinal 2023 Crediting AmountFinal Ending Reserve Balance
Tier One Member Regular Accounts1,971.0136.12,107.1
Tier One Rate Guarantee736.513.5750.0
Tier Two Member Regular Accounts981.554.21,035.7
Benefits in Force (BIF)15,035.0
830.115,865.1
Employer42,696.22,359.545,055.7
Tier One/Tier Two Employee Pension Stability Account (EPSA)278.315.2293.5
OPSRP Pension12,020.9667.912,688.8
OPSRP EPSA249.514.1263.6
IAP Accounts, as a whole12,446.2832.313,278.5
UAL Lump-Sum Payment Side Accounts5,091.6322.75.414.3
Contingency50.0-50.0
TOTAL$91,556.75,245.6$96,802.3


*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.