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In late January, I had a chance to meet with more than 600 beneficiaries of the Public Employee Retirement System (PERS) in a webinar focused on Treasury’s investment performance and strategy (webinar video / presentation slides).
PERS members are the people who teach our children, protect our homes and communities, build and maintain our roads and bridges, keep our air and water clean, ensure that we have free and fair elections, and provide so many other services Oregonians depend on every day. I was glad to be able to share a lot of good news about how Treasury is contributing to the financial health of the PERS system and answer questions from PERS beneficiaries.
I was joined by Treasury’s Chief Investment Officer Rex Kim and PERS Director Kevin Olineck. Here are some highlights from the conversation:
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Investment returns exceed assumed rate: Over the past five years, the Oregon Public Employee Retirement Fund (OPERF) generated an annualized return of 7.7% (from January 1, 2021, to December 31, 2025), which exceeded the PERS assumed rate of return of 7%, keeping Oregon on track to reduce its unfunded pension liability.
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Private equity reductions: The share of OPERF investments allocated to private equity has been on the decline since it reached a high-water mark of 29% in May 2024. As December 31, 2025, the end of my first year in office, it was down to 24%.
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Eliminating unfunded liabilities: PERS is on track to eliminate its unfunded actuarial liability within a decade (by 2036), assuming investment returns yield an average 6.9% growth rate over the next 10 years.
The Oregon legislature began the 2026 short session this week facing budget challenges. Last year Congress enacted H.R.1, which is likely to gut health care, food stamps, and other federal programs. Estimates show it may leave Oregon with a $650 million budget hole. Treasury’s success in growing OPERF helps reduce the impact of PERS on public employer budgets.
Don’t forget to check for unclaimed property
February 1st was National Unclaimed Property Day, but it’s never too late to see if you have unclaimed property. In 2025, Treasury returned almost $60 million in unclaimed property to rightful owners through more than 61,000 claims. You can see if you have unclaimed property here.
- Elizabeth Steiner, MD, Oregon State Treasurer
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 Treasury’s Capitol Office Reopening
Join Treasurer Steiner at the reopening of the Oregon State Treasury’s office in the newly renovated state capitol building on February 25th from 3:30-5:00.
Our office is located in Room 159A. Please stop by and meet some of our staff, take a look at the historic Treasury vault, and take home a Treasury keepsake.
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 Meet the people behind Oregon State Treasury. When someone dies in Oregon without a will or known family, the Treasury’s Estates Administration program steps in to secure their property, search for heirs, and ensure their assets are protected.
Greg Goller has been doing this work for nearly 23 years, bringing his military leadership and law enforcement background to one of Treasury’s most interesting programs.
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State Fiscal Chiefs Protest Federal Immigration Chaos, New York Times, February 4
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Tracking Oregon’s progress in reducing climate impact of its public employees retirement fund, OPB Think Out Loud, January 16
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US Pensions Lack Strong Climate Strategies, Sierra Club Says, Bloomberg, January 22
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Treasurer Elizabeth Steiner on why Oregon is going all-in on 'green', KOIN-TV, January 18
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Oregon Public Employee’s climate holdings double to $2.4 billion, record top
returns for real assets, Pensions & Investments, January 16
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Oregon's $100bn public pension fund on track to triple transition infrastructure
investment, Net Zero Investor, January 16
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Oregon Treasurer Steiner on her first year and 'climate positive' investing, Portland Business Journal, January 15
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