News

New Actuarial Assumptions

March 09, 2020

Recent changes in actuarial assumptions will affect the calculations for service purchases, partial lump
sum payments, and survivor annuities beginning July 1, 2020. The changes will increase costs for service
purchases. If you had a service purchase estimate or a retirement benefit estimate calculated recently, you
should request a new one, especially if you are considering making a purchase or retiring in 2020. For a new estimate, contact Member Services or download the request form for service purchase or for retirement estimates.

Actuarial Assumption Changes Affect:
• Service Purchase Calculations
• Partial Lump Sum Calculations
• Early Retirement Reduction Factors for Group B Members
• Joint & Survivor Annuity Factors
• Internal Revenue Code Section 415 Limitations
• Retirees Who Returned to Work and Suspended Benefits

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