STATE EMPLOYEES' RETIREMENT BOARD Late Retirement Actuarial Increase [31 Pa.B. 5513] Under section 5902(j) of the State Employees' Retirement Code (71 Pa.C.S. § 5902(j)), the State Employees' Retirement Board (Board) is to adopt by resolution the actuarial tables and factors used in the calculation of annuities and benefits, and the secretary of the Board is to have adopted tables published in the Pennsylvania Bulletin.
On September 19, 2001, the Board by resolution determined that the actuarial increase factor defined in 71 Pa.C.S. § 5102, definition of ''Actuarial Increase Factor,'' shall be calculated by using the 1983 Group Annuity Mortality Unisex tables for all members of the State Employees' Retirement System to whom the factor is applicable. Table I contains the actuarial increase factors for ages 70 to 95.
The tables and factors adopted by the Board on September 19, 2001, shall be effective upon publication in the Pennsylvania Bulletin.
TABLE 1 Actuarial Increase Factors
Age 70 1.101 71 1.105 72 1.109 73 1.114 74 1.119 75 1.124 76 1.130 77 1.137 78 1.143 79 1.151 80 1.158 81 1.167 82 1.176 83 1.185 84 1.196 85 1.207 86 1.219 87 1.233 88 1.247 89 1.263 90 1.281 91 1.301 92 1.322 93 1.346 94 1.373 95 1.403 Underlying assumptions are as follows:
--Interest Rate: 4% compounded annually
--1983 Group Annuity Mortality Unisex Table
Note: The factor for any age is applicable to the 1-year period beginning upon attainment of that age. The increase factor for a partial year shall be determined by: (1) subtracting 1 from the table factor; then (2) dividing the difference by 12; then (3) multiplying the result by the number of whole months of service since the prior birthday; then (4) adding 1 to the result; and (5) rounding the result to the third decimal place.
JOHN BROSIUS,
Secretary[Pa.B. Doc. No. 01-1794. Filed for public inspection September 28, 2001, 9:00 a.m.]
