LOC News
PERS Earnings Beat Expectations – By a Lot
The Public Employee Retirement System (PERS) earned an astounding 20% as of January 31, 2021, raising approximately $9 billion to fund employee pensions. PERS uses the last day of the year when determining system funded status for the coming rate cycle. These gains, reported by the PERS actuarial consultant, have brought the system’s unfunded liability up to 80% and will reduce the anticipated increases in employer rates set to take effect in 2023. Employers will still see a small increase in rates, below 1% of payroll on average, but will avoid the steep increase that had been anticipated for the 2023-25 rate cycle. PERS will be issuing advisory rates in the coming weeks to individual employers to assist in budget planning.
Contact: Scott Winkels, Lobbyist - swinkels@orcities.org
Last Updated 2/4/22