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  • PERS: 2011 Earnings Crediting 3-22-12

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    Statesman Journal
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    The PERS Board adopted earnings factors and reserve amounts for 2011. Tier One regular accounts earned 8%, Tier Two regular accounts earned 2.21%, IAP accounts earned 2.15%, and variable accounts earned -7.80%. Total balances before crediting were over $53 billion and increased to over $54 billion after crediting over $1 billion for 2011.

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    The PERS Board adopted earnings factors and reserve amounts for 2011. Tier One regular accounts earned 8%, Tier Two regular accounts earned 2.21%, IAP accounts earned 2.15%, and variable accounts earned -7.80%. Total balances before crediting were over $53 billion and increased to over $54 billion after crediting over $1 billion for 2011.

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    PERS: 2011 Earnings Crediting 3-22-12

    Uploaded by

    Statesman Journal
    The PERS Board adopted earnings factors and reserve amounts for 2011. Tier One regular accounts earned 8%, Tier Two regular accounts earned 2.21%, IAP accounts earned 2.15%, and variable accounts earned -7.80%. Total balances before crediting were over $53 billion and increased to over $54 billion after crediting over $1 billion for 2011.

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    2011 Earnings Crediting

    The PERS Board adopted the following earnings factors and reserve amounts for calendar year 2011 at its March 22, 2012 meeting: Accounts Tier One Member Regular Tier Two Member Regular Individual Account Program Variable

    8.00% 2.21% 2.15% -7.80%

    2011 Reserving/Crediting Reserve/Account Contingency* Tier One Member Regular Accounts Tier One Rate Guarantee Benefits In Force (BIF) Tier Two Member Regular Accounts Employer OPSRP Pension UAL Lump-Sum Payment Side Accts IAP Accounts TOTAL Balance Before 2011 Crediting ($ millions) $734.4 6,221.7 (199.1) 19,637.2 677.0 16,507.0 823.0 5,075.5 3,856.9 $53,333.6 Final 2011 Crediting Amount ($ millions) $0.0 497.8 (364.2) 435.5 15.0 366.1 13.5 149.9 82.8 $1,196.4 Final Ending Reserve Balance ($ millions) $535.3 6,719.5 (364.2) 20,072.7 692.0 16,873.1 836.5 5,225.4 3,939.7 $54,530.0

    * $199.1 million was moved from the Contingency Reserve to the Tier One Rate Guarantee Reserve to liquidate the 2008 deficit. The negative $364.2 balance in the Tier One Rate Guarantee Reserve is a result of crediting 8 percent to Tier One member accounts in 2011.

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