Suddenly, Oregon PERS account has a $1.7B surplus

Suddenly, Oregon PERS account has a $1.7B surplus

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Story Published: Apr 27, 2007 at 7:29 AM PST

Story Updated: Apr 27, 2007 at 7:29 AM PST

By Associated Press

SALEM, Ore. (AP) - The bull market has been very good to the Public Employee Retirement System.
     
The fund had a $1.7 billion surplus on a projected liability of about $50 billion as of December 31st, 2005.
     
The fund earned returns of 15 percent in 2006 and 3.4 percent in the first quarter of this year. This means the surplus has likely increased.
     
The Oregon Investment Council met this week with PERS board members to review the system's first formal asset-liability study since 1999.
     
The study forecasts likely investment returns on the fund against projected liabilities for retirees.
     
The surplus marks an impressive turnaround from four years ago, when the fund faced a projected actuarial shortfall of $17 billion.

     
      (Copyright 2007 by The Associated Press.  All Rights Reserved.)

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