Actual payments grew because of a program known as "money match,[3]" which guaranteed member account returns between 5% and 8%, without regard to greater market performance or the health of the economy.

Member accounts saw appreciable and consistent growth during this time, but underlying pension assets did not grow to cover the increased benefit guarantee.

[4] If hired between January 1, 1996 and August 28, 2003, a public employee is entitled to a somewhat reduced pension benefit as a result of changes passed by the Oregon Legislative Assembly in 1995.

[5] Member account (money match) returns are not guaranteed for Tier Two employees, and the age to qualify for general service full retirement is increased from 58 to 60 years.

[2] Benefits paid under this program are still considered generous and above average, normally offering income replacement rates far in excess of the PERS board's stated goal.

This further reduced pension sought to bring state actuarial liabilities in line with employer contributions by raising the retirement age and by vesting benefits more slowly.