27 Miss. Code. R. 210-59-102 - Actuarial Assumptions for the Supplemental Legislative Retirement Plan

1. For purposes of determining an "actuarial equivalent" or of an "actuarial computation," effective July l, 2024, the PERS Board shall use the following actuarial assumptions for service retirees:

a. For Service Retirees: The factors are based on the PubS.H-2010(B) Retiree Table with the following adjustments: for males, 95% of male rates from ages 18 to age 60, 110% for ages 61 to age 75 and scaled down to 101% for ages above 77. For females, 84% of the female rates from ages 18 to age 72 and scaled up to 100% for ages above 76. Projection scale MP-2020 is used to project future improvements in life expectancy generationally;

b. For Contingent Annuitants: The factors are based on the PubS.H-2010(B) Contingent Annuitant Table with the following adjustments: for males, 97% for all ages. For females, 110% for all ages. Projection scale MP-2020 is used to project future improvements in life expectancy generationally;

c. A 7.00 percent interest assumption;

d. An annual Cost-of-Living Adjustment (COLA) of 3 percent is assumed to be on a compounded basis for all ages; and

e. Unisex blends of mortality rates are assumed as follows:

i. Annuity Values 30 percent male/70 percent female

ii. Full Cash Refund 30 percent male/70 percent female

iii. Certain and Life 40 percent male/60 percent female

iv. Partial Lump Sum 40 percent male/60 percent female

v. Joint and Survivor 60 percent male/40 percent female

2. For purposes of determining an "actuarial equivalent" or of an "actuarial computation," effective July l, 2024, the PERS Board shall use the following actuarial assumptions for disability retirees:

a. The factors are based on the PubG.H-2010 Disabled Retiree Table for disabled retirees with the following adjustments: 134% of male rates at all ages and 121% of female rates at all ages. Projection scale MP-2020 is used to project future improvements in life expectancy generationally;

b. A 7.00 percent interest assumption;

c. An annual Cost-of-Living Adjustment (COLA) of 3 percent is assumed to be on a compounded basis for all ages; and

d. Unisex blends of mortality rates are assumed as follows:

i. Annuity Values 30 percent male/70 percent female

ii. Full Cash Refund 30 percent male/70 percent female

iii. Certain and Life 40 percent male/60 percent female

iv. Joint and Survivor 60 percent male/40 percent female

Notes

27 Miss. Code. R. 210-59-102

Amended 7/1/2016 Amended 7/1/2020 Amended 7/1/2022 Amended 7/1/2024