2013 - reduces the amount of the COLA a PERS retiree will receive in the future, eliminates the out-of-state tax remedy for individuals who do not reside or pay income taxes in Oregon, and provides for direct appeal of any legal challenges to the bill to the Oregon Supreme Court.
2011 - Estimated rate of return 2.21%, 66% of the system’s total accrued liability is for members who are no longer working in covered employment (and therefore they are no longer paying anything to cover their benefits).
2010 - Rate of return was 12.44%, higher than expected.
2009 - Rate of return was 19.12%, higher than expected.
2008 - System lost 27% of value going from $65 billion to $46 billion.
2007 - Valuation funded status reached 112%; employer rates reduced by 3%
2003 - UAL calculated at $17 billion; 2003 Legislature approved modifications to reduce UAL as follows:
Crediting rate for Tier 1 could not exceed guaranteed rate (8%) unless gain/loss reserve is fully funded for 3 years
Shifted 6% employee contributions to IAP, significantly limiting money match.
Modernized mortality tables
Created new, 5-member board, where PERS members can only hold one seat.
OPSRP created: “hybrid” benefit plan with both DB and DC elements.
1997-2007 - over 95 districts used bonds to pay down their share of the UAL