Effective January 1, 2004, you may not contribute or transfer funds to the Variable Annuity Program. PERS will continue to credit the accounts in existence on that date with variable earnings or losses.
PERS applies the earnings or losses in the Variable Annuity Program to the portion of your account balance
The dollar value of your PERS account as of a given date. This account consists of all contributions and earnings received as of December 31, 2003, plus any earnings received after December 31, 2003. in the program. Variable account earnings or losses have no effect on
your member account if you do not participate in the Variable Annuity Program.
Note: The restrictions on continued participation in the Variable Annuity Program do not apply to participating judge members who were sitting judges on June 30, 2003. For more information on judge member benefits, please see the Judge Member's Handbook.