OPERS Investments Defined Contribution Fund

Members contributing to the Combined and Member-Directed plans direct their own investments by choosing from a number of the Defined Contribution Fund Investment Options.

Members choose from the following options.

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OPERS Core Funds

The OPERS Core Funds are available to members who want to control the asset allocation of their individual account.

Members can choose from five passively managed strategies and one actively managed strategy. The strategies range from U.S. and international equities to fixed income assets.

Stable Value Fund

Morningstar Fund Profile

The Stable Value Fund is a diversified fixed income product constructed with the goal of preservation of the member's initial investment, or principal, and interest earned.

The fund is managed with an active investment strategy and invests in a combination of short to intermediate-term, fixed income securities and investment contracts from banks and insurance companies. It is managed with an average term to maturity of between one to four years.

Members who seek safety of principal, as well as a competitive rate of return compared to money market funds, may invest in this option.

Bond Index Fund

Morningstar Fund Profile

The Bond Index Fund invests in bonds issued by governments and corporations with intermediate-term maturities.

This fund is managed with a passive investment strategy that seeks to match the performance of the Bloomberg Barclays US Aggregate Bond Index.

The returns of this fund may fluctuate but the interest earned will remain consistent.

The fund seeks to outperform the Lehman Brothers Universal Index.

Stock Index Fund

Morningstar Fund Profile

The Stock Index Fund invests in the common stock of the 3,000 largest capitalized companies in the U.S.

This fund is managed with a passive investment strategy that seeks to match the performance of the Russell 3000 Index.

Large Cap Index Fund

Morningstar Fund Profile

The Large Cap Index Fund invests in the common stock of the 1,000 largest companies in the U.S.

This fund is managed with a passive strategy that seeks to match the performance of the Russell 1000 Index.

Small Cap Index Fund

Morningstar Fund Profile

The Small Cap Index Fund invests in the common stock of smaller companies in the U.S.

The fund is managed with a passive strategy that seeks to match the performance of the Russell 2000 Index.

Non-U.S. Stock Index Fund

Morningstar Fund Profile

The Non-U.S. Stock Index Fund invests in the common stock of larger companies outside the U.S. Both non-U.S. developed and emerging market stocks are selected.

The fund is managed with a passive strategy that seeks to match the performance of the MSCI All Country World Index ex U.S. Index


OPERS Target Date Funds

Target Date Funds, also known as a lifecycle funds, are designed to be a single diversified investment option for members to use throughout their working careers.

It's automatically rebalanced so members don't have to adjust their asset allocation. Each fund's asset allocation will become more conservative as the member's retirement date approaches.

Target Payout Fund

Morningstar Fund Profile

The Target Payout Fund is for members who have reached retirement and have begun taking distributions from their account. The Target Payout Fund aims at minimizing your account's exposure to fluctuation of returns, including negative returns, especially over short time periods. Its asset allocation is the most conservative of all the Target Date Funds.

Target 2020 Fund

Morningstar Fund Profile

The Target 2020 Fund provides a diversified investment option appropriate for a member who is nearing retirement (retiring between 2018 and 2022) and is comfortable with fluctuations in their account value.

Target 2025 Fund

Morningstar Fund Profile

The Target 2025 Fund provides a diversified investment option appropriate for a member who is nearing retirement (retiring between 2023 and 2027) and is comfortable with fluctuations in their account value.

Target 2030 Fund

Morningstar Fund Profile

The Target 2030 Fund provides a diversified investment option appropriate for a member who has a longer investment period (retiring between 2028 and 2032) and is comfortable with fluctuations in their account value.

Target 2035 Fund

Morningstar Fund Profile

The Target 2035 Fund provides a diversified investment option appropriate for a member who has a longer investment period (retiring between 2033 and 2037) and is comfortable with fluctuations in their account value.

Target 2040 Fund

Morningstar Fund Profile

The Target 2040 Fund provides a diversified investment option appropriate for a member who has a longer investment period (retiring between 2038 and 2042) and is comfortable with fluctuations in their account value.

Target 2045 Fund

Morningstar Fund Profile

The Target 2045 Fund provides a diversified investment option appropriate for a member who has a longer investment period (retiring between 2043 and 2047) and is comfortable with fluctuations in their account value.

Target 2050 Fund

Morningstar Fund Profile

The Target 2050 Fund provides a diversified investment option appropriate for a member who has a longer investment period (retiring between 2048 and 2052) and is comfortable with fluctuations in their account value.

Target 2055 Fund

Morningstar Fund Profile

The Target 2055 Fund provides a diversified investment option appropriate for an investor who has a longer investment period (retiring between 2053 and 2057) and is comfortable with fluctuations in their account value.

Target 2060 Fund

Morningstar Fund Profile

The Target 2060 Fund provides a diversified investment option appropriate for an investor who has a longer investment period (retiring between 2058 and 2062) and is comfortable with fluctuations in their account value.


Self-Directed Brokerage Account

Members in the Combined and Member-Directed plans who desire additional investment alternatives, and are willing to accept all risks and costs related to such alternatives, can also choose a mutual fund-only Self-Directed Brokerage Account (SDBA), through Charles Schwab's Personal Choice Retirement Account® (PCRA).

This account allows members the ability to choose over 5,000 distinct mutual funds outside of the current OPERS investment options.

Members must have a minimum account balance of $5,000 in order to be eligible to elect this option and may invest no more than 50% of their account balance at the time of their election.

OPERS does not select, manage or oversee the mutual funds offered through the Schwab PCRA.

Enroll in the Self-Directed Brokerage Account

For information on account requirements and how to enroll in the self-directed brokerage account, visit the managing your investment account for your retirement plan:


OPERS Investment Options Total Returns

OPERS provides monthly reports detailing the performance returns and expense ratios of our investment options.

Morningstar Profiles

OPERS partners with Morningstar, Inc. a leading provider of independent investment research, to deliver quarterly investment profiles for each of the OPERS Investment Options.