How will the account adjustment work for retired members?
• The process for account adjustments is: 1. PERS will add up the monthly benefits paid each recipient from the recipient’s payment start date to the benefit adjustment date. These are the actual payments made. 2. PERS will then recalculate the account balance for 1999 with earnings at 11.33 percent (instead of 20 percent) and compound the account balance forward to the payment start date (include 8 percent earnings for 2003, 2004, and after, if applicable). 3. Based on the adjusted account balance, PERS will calculate a revised monthly benefit at the payment start date. This is the amount the member would have been entitled to receive at retirement if the member’s regular account had only been credited at 11.33 percent for 1999. 4. PERS will then calculate all revised monthly benefit amounts from the payment start date to the benefit adjustment date, including COLA increases as applicable to each monthly benefit, and sum up these revised monthly amounts. The sum of the actual payments
