27 Miss. Code. R. 210-58-102 - Calculation of the additional benefit for a retiree
Effective July 1, 2002, the additional benefit shall be equal to the sum of:
1. An amount equal to
three percent (3[CENT]) of the annual retirement allowance multiplied by the
number of full fiscal years in retirement before the end of the fiscal year in
which the member reaches age sixty (60) or the age established in the latest
phase that has been implemented under subsection (3) of this section,
plus
2. An additional amount equal
to three percent (3[CENT]) compounded by the number of full fiscal years in
retirement beginning with the fiscal year in which the member reaches age sixty
(60) or the age established in the latest phase that has been implemented under
subsection (3) of this section, multiplied by the amount of the annual
retirement allowance.
3. The amount
of the additional benefit provided is calculated using the following formula:
[ (1.03)n - 1] x [annual retirement allowance], where n is the number of full fiscal years in retirement beginning with the fiscal year in which the member reaches age sixty (60).
4. In the
calculation of the additional benefit payment, the age at which the compounding
begins may be lowered in accordance with ยง
25-13-12(3),
when, and only when, the mathematical calculations performed by the actuary
using the assumptions adopted by the board reflect that compounding the portion
of the additional benefit provided in paragraph 2 above at an age lower than 60
will not cause the unfunded accrued actuarial liability amortization period to
exceed twenty (20) years.
5.
Effective July 1, 2002, the age at which compounding begins is age sixty
(60).
Notes
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