Pennsylvania Bulletin

PA Bulletin, Doc. No. 01-627

NOTICES

PUBLIC SCHOOL EMPLOYEES' RETIREMENT BOARD

Actuarial Tables and Computational Procedures

[31 Pa.B. 1930]

   The act of December 20, 1995 (P. L. 689, No. 77) (Act 1995-77), amended subsections 8502(h) and (j) of the Public School Employees' Retirement Code (24 Pa.C.S. §§ 8101--8535) to require the Public School Employees' Retirement Board (Board) to publish in the Pennsylvania Bulletin the actuarial tables and computational procedures used by the Public School Employees' Retirement System (PSERS) in calculating annuities and other benefits. The Board adopted the following actuarial tables at its December 14, 2000, meeting. Accordingly, these actuarial tables and computational procedures are being published as required by Act 1995-77.

DALE H. EVERHART
Executive Director

   The following material provides general information, examples and actuarial tables for computing an estimated retirement benefit from PSERS.

General Information

   A key component in the computation of a PSERS' retirement benefit is the final average salary PSERS' retirement code defines final average salary as the highest compensation received as an active member for any three nonoverlapping periods of 12 consecutive months. Compensation for part-time service is annualized on the basis of the fractional portion of the school year for which credit is received. This period is frequently the most recent 3 year period.

   Years of credited service are the number of years of school or creditable nonschool service for which eligible contributions have been made or for which salary deductions or other payment arrangements have been made.

   Accumulated deductions are the total of a member's contributions (including contributions for purchase of service) and interest.

   Actuarial tables which provide the factors to compute certain retirement benefits follow. It should be noted that gender distinctions are shown on various tables because certain retirement benefits are computed differently for males and females for credited service before July 1, 1983. The factors were determined actuarially based on the life expectancies for both males and females. The portion of the benefit for credited service earned prior to July 1, 1983 is computed using gender-distinct factors for males and females. The portion of the benefit for credited service on or after July 1, 1983, is computed using gender-neutral factors (both males and females use the more favorable factor which is most often the female factor).

Retirement Benefit Calculation Examples

   The following data will be used for all option calculations, unless otherwise noted.

Final Average Salary -- $30,000

Years of Credited Service -- 30 years

Member Sex and Age -- Female, age 60

Beneficiary Sex and Age -- Male, age 60

Accumulated Deductions -- 38,000

Maximum Option

   The Maximum Option is a single life annuity and will provide the highest monthly amount to the member. If you die and have not received in retirement benefits your accumulated deductions, the total value protected remaining will be paid in a lump sum to your designated beneficiary.

Formula:

Final Average Salary X 2% X Years of Credited Service = Maximum Single Life Annuity

Accumulated Deductions = Total Value Protected

Example:

$30,000 X .02 X 30 = $18,000 ($1,500 monthly)

Total Value Protected = $38,000

Option 1

   Option 1 provides a reduced lifetime annuity to the member with a guaranteed total payment equal to the present value of the maximum option single life annuity. If at the time of your death you have not received in retirement benefits an amount equal to the total value protected, the unpaid balance will be paid to your designated beneficiary.

Formula:

Final Average Salary X 2% X Years of Credited Service X Reducing Factor for Option 1* = Option 1 Annual Benefit

Maximum Single Life
   Annuity X Present Value of $1 Annuity** = Total Value Protected

Example:

$30,000 X .02 X 30 X .9548* = $17,186 ($1,432 monthly)

$18,000 X 15.690** = $282,420

* From Table 2

** From Table 1

Note:  To compute the retirement benefit for male members selecting Option 1, a combination of Male Tables (for years of credited service prior to 7/1/83) and Female Tables (for years of credited service on or after 7/1/83 will be used. To compute the retirement benefit for female members, Female Tables will be used for all years of credited service.

Option 2

   Option 2 is a joint and 100% survivor annuity with a reduced monthly benefit payable during the lifetime of the member. After the member's death, the same amount is payable for the designed beneficiary's lifetime. Under this Option there is no Total Value Protected.

Formula:

Final Average Salary X 2% X Years of Credited Service X Reducing Factor for Option 2* = Option 2 Annual Member Benefit

Option 2 Annual Member    Benefit X 100% = Option 2 Annual
Beneficiary Benefit

Example:

$30,000 X .02 X 30 X .9139* = $16,450 to Member ($1,371 monthly)

$15,445 X 100% = $15,445 to Beneficiary ($1,371 monthly)

*From Table 8

Note:  To compute a retirement benefit under Option 2, the appropriate ages and gender-based factor from Tables 5, 6, 7 and 8 based upon the specific genders of the member and beneficiary are used for credited service earned before 7/1/83. To compute the portion of the retirement benefit for credited service on or after 7/1/83, the appropriate ages and the higher factor from Tables 5, 6, 7 and 8 are used (most often the female with a male beneficiary factor).

Option 3

   Option 3 is a joint and 50%survivor annuity with a reduced amount payable during the lifetime of the member. After the member's death, one-half of the annuity is payable for the designated beneficiary's lifetime. Under this Option there is no Total Value Protected.

Formula:

Fnal Average Salary X 2% X Years of Credited Service X Reducing Factor for Option 3* = Option 3 Annual Member Benefit

Option 3 Annual Member    Benefit X 50% = Option 3 Annual Beneficiary Benefit

Example:

$30,000 X .02 X 30 X .9550* = $17,190 to Member ($1,432 monthly)

$17,190 X 50% = $8,595 to Beneficiary ($716 monthly)

*From Table 12

Note:  To compute a retirement benefit under Option 3, the appropriate ages and gender-based factor from Tables 9, 10, 11 and 12 based upon the specific genders of the member and beneficiary are used for credited service earned before 7/1/83. To compute the portion of the retirement benefit for credited service on or after 7/1/83, the appropriate ages and the higher factor from Tables 9, 10, 11 and 12 are used (most often the female with a male beneficiary factor).

Special Option

   Special Option provides for some other payment plan that may better fit your needs. This option is subject to the approval of the Retirement Board and all computations are made by the consulting actuary

Example:

*  Member receives reduced benefit.

*  Beneficiary receives 75% of member's reduced benefit.

*  All computations will be made by the actuary.

Option 4

   A portion of the benefit, limited to an amount equal to the member's accumulated deductions, may be withdrawn as a lump sum. The present value of the maximum single life annuity less the portion withdrawn will be paid in the form of a single life annuity, an annuity with a guaranteed total payment, or a joint and survivor annuity.

Formula:

Final Average Salary X 2% X Years of Credited Service = Maximum Single Life Annuity (MSLA)

Lump Sum Payment at    Retirement ÷ Present Value of $1 Annuity = Reduction in Annuity

Maximum Single Life    Annuity - Reduction in Annuity = Reduced Single Life
Annuity (RSLA)

Reduced Single Life
   Annuity X Reducing Factor for Option 1 = Option 1 Benefit

Reduced Single Life
   Annuity X Reducing Factor for Option 2 = Option 2 Member and Beneficiary Benefit

Reduced Single Life
   Annuity X Reducing Factor for Option 3 = Option 3 Member
Benefit (50% to Beneficiary)

Example:

$30,000 X .02 X 30 = $18,000 (MSLA)

$38,000 ÷ 15.690* = $2,422

$18,000 - $2,422 = 15,578 (RSLA) ($1,298 monthly)

$15,271 X .9548** = $14,874 (Option 1) ($1,239 monthly)

$15,271 X .9139*** = $14,237 (Option 2) ($1,186 monthly, $1,186 monthly to beneficiary)

$15,271 X .9550**** = 14,877 (Option 3) ($1,240 monthly, $620 monthly to beneficiary)

*  From Table 1 (Gender-distinct factors used to calculate the reduction in annuity due to partial lump sum withdrawal of pre July 1, 1983 accumulated deductions. The higher, gender-neutral (usually female) factors are used to calculate the reduction in benefit due to partial lump sum withdrawal of post July 1, 1983 accumulated deductions).

**  From Table 2

***  From Table 8

****  From Table 12

Vested Benefits

If you leave service anytime after completing 10 years of credited service and before you become eligible for normal retirement benefits, and do not wish to retire at that time, it will be necessary for you to complete an application to vest. Once your application is received by the Retirement System you are then automatically covered by the death benefit provisions. Approximately one year after the receipt of your application, the Retirement System will notify you of the accumulated deductions credited to your account, the total number of years of service, and maximum single life annuity available to you when you reach retirement age. As a vestee, normal retirement age is:

*  when you reach age 62 if you have fewer than 30 years of credited service, or

*  when you reach age 60 if you have 30 or more years of credited service.

Approximately 90 days prior to your eligibility for a monthly benefit as a vestee, you should contact PSERS and request an estimate under all the various options available and the necessary application for you to complete. This application must be returned to the Retirement System no later than 90 days after your eligibility date. As a vestee, it will be necessary for you to keep your mailing address current.

Formula:

*  Same as prior illustrations under Options Maximum, 1, 2, 3 and 4

Example:

*  See prior illustrations.

Early Retirement

(Withdrawal Allowance)

After 10 years of credited service, you may apply for an early (withdrawal) retirement benefit. This benefit will be based on your age to the nearest year and month when you apply, the number of years of service, and actuarial reduction factor applicable to your age.

Formula:

Final Average Salary X 2%

X Years of Credited Service X Early Retirement Factor (From Table 3 or 4) = Annual Reduced Early Retirement Benefit

Example:

Male, age 49 with 10 years of service (earned after 7/1/83) and normal retirement age of 62.

$30,000 X .02 X 10 X .478405* = $2,870 ($239 monthly)

*  From Table 4 (higher of the factors from Table 3 and 4 for post 7/1/83 service)

(Note) Retirements that are eligible for 30 and Out Windows (when available) are not subject to the early retirement reduction.

Early Retirement

(3% Formula)

Minimum Requirement--25 years of service and 55 years of age

If you have attained age 55 and have 25 or more years of credited service, you may retire with an annuity reduced by a percentage. The percentage is determined by multiplying the number of months between the effective date of retirement and the date on which you would be eligible for a normal retirement by 1/4% (3% per year).

Formula:

3% X Number of Years Below Normal Retirement Age = Early Retirement Reduction

100% - Early Retirement Reduction = Early Retirement Factor

Final Average Salary X 2% X Years of Credited Service X Early Retirement Factor = Early Retirement Annual Benefit

Examples:

A.   Member age 55 with 25 years of service. Normal Retirement Age 60 (5 year reduction).

3% X 5 years = 15% Reduction

100% - 15% = 85% Early Retirement Factor

$30,000 X .02 X 25 X 85% = $12,750 ($1,062 monthly)

B.  Member age 57 with 27 years of service. Normal Retirement Age 60 (3 year reduction).

3% X 3 years = 9% Reduction

100% - 9% = 91% Early Retirement Factor

$30,000 X .02 X 27 X 91% = $14,742 ($1,228 monthly)

C. Member age 56 with 33 years of service. Normal Retirement Age 58 (with 35 years of service) (2 year reduction).

3% X 2 years = 6% Reduction

100% - 6% = 94% Early Retirement Factor

$30,000 X .02 X 33 X 94% = $18,612 ($1,551 monthly)

D.  Member age 55 with 29 years of service. Normal Retirement Age 60 (5 year reduction).

3% X 5 years = 15% Reduction

100% - 15% = 85% Early Retirement Factor

$30,000 X .02 X 29 X 85% = $14,790 ($1,232 monthly)

E. Member age 61 with 27 years of service. Normal Retirement Age 62 (1 year reduction).

3% X 1 year = 3% Reduction

100% - 3% = 97% Early Retirement Factor

$30,000 X .02 X 27 X 97% = $15,714 ($1,309 monthly)

ACTUARIAL TABLES

(Adopted December 14, 2000)

*  Table 1

Present Value of $1 Annuity is an actuarial factor used to determine the amount of reserve needed to fund the member's retirement benefit.

*  Table 2

Service Option 1 Reducing Factors are used to reduce the member's monthly benefit in order to provide a higher death benefit.

*  Tables 3 and 4

Early Retirement Factors--Men and Women are used to reduce the monthly benefit because normal retirement qualifications are not met.

*  Table 5-8

Factors for Obtaining Annuities and Pensions Under Option 2 are used to determine the reduction to be able to provide a lifetime benefit for both the member and the beneficiary. Factors consider both the member's age and sex and the beneficiary's age and sex. Option 2 guarantees the beneficiary the same monthly benefit for life after the member's death.

*  Tables 9-12

Factors For Obtaining Annuities and Pensions Under Option 3 are used to determine the reduction to be able to provide a lifetime benefit for both the member and the beneficiary. Factors consider both the member's age and sex and the beneficiary's age and sex. Option 3 guarantees the beneficiary an amount equal to 50% of the member's monthly benefit for life after the member's death.

Table 1
Present Value of $1 Annuity

Age Men Women Age Men Women Age Men Women

51 16.758 18.336 81 6.195 7.999

22 22.378 23.045 52 16.452 18.078 82 5.912 7.640

23 22.270 22.951 53 16.137 17.812 83 5.643 7.288

24 22.156 22.853 54 15.813 17.538 84 5.388 6.943

25 22.038 22.752 55 15.481 17.254 85 5.147 6.606

26 21.915 22.646 56 15.141 16.961 86 4.918 6.280

27 21.787 22.536 57 14.793 16.658 87 4.700 5.964

28 21.653 22.422 58 14.438 16.345 88 4.490 5.661

29 21.513 22.303 59 14.078 16.023 89 4.287 5.370

30 21.367 22.180 60 13.713 15.690 90 4.090 5.092

31 21.216 22.053 61 13.343 15.348 91 3.896 4.825

32 21.059 21.921 62 12.970 14.998 92 3.706 4.568

33 20.896 21.785 63 12.594 14.640 93 3.519 4.321

34 20.727 21.644 64 12.217 14.277 94 3.334 4.081

35 20.551 21.498 65 11.839 13.909 95 3.150 3.850

36 20.369 21.348 66 11.461 13.538 96 2.968 3.625

37 20.181 21.192 67 11.083 13.166 97 2.787 3.406

38 19.985 21.030 68 10.707 12.794 98 2.608 3.194

39 19.783 20.863 69 10.332 12.423 99 2.431 2.986

40 19.574 20.689 70 9.959 12.053 100 2.257 2.783

41 19.357 20.509 71 9.588 11.684 101 2.086 2.585

42 19.133 20.322 72 9.220 11.316 102 1.920 2.390

43 18.901 20.129 73 8.855 10.948 103 1.760 2.199

44 18.661 19.929 74 8.495 10.579 104 1.607 2.014

45 18.414 19.722 75 8.140 10.210 105 1.462 1.834

46 18.158 19.509 76 7.792 9.840 106 1.325 1.662

47 17.895 19.289 77 7.452 9.469 107 1.197 1.498

48 17.624 19.062 78 7.121 9.099 108 1.078 1.344

49 17.344 18.828 79 6.800 8.729 109 0.969 1.201

50 17.055 18.586 80 6.491 8.362 110 0.870 1.070

Table 2
Service Option 1 Reducing Factors

Age Men Women Age Men Women Age Men Women

51 0.9667 0.9808 81 0.7037 0.7844

22 0.9940 0.9978 52 0.9635 0.9792 82 0.6916 0.7720

23 0.9940 0.9977 53 0.9599 0.9773 83 0.6791 0.7598

24 0.9939 0.9975 54 0.9559 0.9752 84 0.6672 0.7466

25 0.9938 0.9973 55 0.9514 0.9728 85 0.6565 0.7330

26 0.9937 0.9971 56 0.9465 0.9700 86 0.6470 0.7201

27 0.9936 0.9969 57 0.9413 0.9669 87 0.6375 0.7072

28 0.9934 0.9966 58 0.9356 0.9633 88 0.6280 0.6936

29 0.9932 0.9963 59 0.9295 0.9593 89 0.6193 0.6809

30 0.9928 0.9960 60 0.9230 0.9548 90 0.6117 0.6695

31 0.9925 0.9957 61 0.9162 0.9498 91 0.6042 0.6574

32 0.9921 0.9953 62 0.9088 0.9443 92 0.5951 0.6453

33 0.9916 0.9949 63 0.9011 0.9383 93 0.5867 0.6343

34 0.9912 0.9946 64 0.8932 0.9320 94 0.5793 0.6246

35 0.9906 0.9942 65 0.8850 0.9252 95 0.5730 0.6129

36 0.9900 0.9938 66 0.8762 0.9181 96 0.5625 0.6016

37 0.9893 0.9933 67 0.8672 0.9110 97 0.5529 0.5916

38 0.9885 0.9928 68 0.8582 0.9035 98 0.5444 0.5833

39 0.9877 0.9923 69 0.8483 0.8960 99 0.5380 0.5707

40 0.9868 0.9918 70 0.8382 0.8886 100 0.5251 0.5596

41 0.9858 0.9911 71 0.8281 0.8808 101 0.5128 0.5507

42 0.9847 0.9904 72 0.8170 0.8729 102 0.5029 0.5410

43 0.9834 0.9897 73 0.8055 0.8650 103 0.4970 0.5265

44 0.9819 0.9888 74 0.7939 0.8567 104 0.4821 0.5146

45 0.9804 0.9879 75 0.7819 0.8478 105 0.4678 0.5062

46 0.9787 0.9870 76 0.7690 0.8387 106 0.4580 0.4930

47 0.9767 0.9860 77 0.7561 0.8291 107 0.4557 0.4760

48 0.9746 0.9849 78 0.7435 0.8185 108 0.4466 0.4644

49 0.9723 0.9837 79 0.7300 0.8076 109 0.4305 0.4623

50 0.9696 0.9823 80 0.7165 0.7968 110 0.4223 0.4492

Table 3

Early Retirement Factors--Men

Normal Retirement Age

Age at

Retirement 50 51 52 53 54 55 56 57 58 59 60 61 62

25 0.290295 0.274264 0.258899 0.244175 0.230074 0.216578 0.203671 0.191340 0.179573 0.168357 0.157678 0.147526 0.137885

26 0.303604 0.286839 0.270768 0.255370 0.240622 0.226507 0.213008 0.200113 0.187806 0.176075 0.164908 0.154289 0.144206

27 0.317611 0.300072 0.283260 0.267152 0.251724 0.236957 0.222836 0.209345 0.196470 0.184199 0.172516 0.161407 0.150859

28 0.332360 0.314007 0.296414 0.279558 0.263413 0.247961 0.233184 0.219066 0.205594 0.192752 0.180527 0.168903 0.157865

29 0.347898 0.328687 0.310272 0.292627 0.275728 0.259553 0.244085 0.229308 0.215206 0.201764 0.188967 0.176799 0.165245

30 0.364276 0.344160 0.324878 0.306403 0.288708 0.271772 0.255576 0.240103 0.225337 0.211262 0.197862 0.185122 0.173024

31 0.381547 0.360477 0.340281 0.320930 0.302396 0.284657 0.267693 0.251486 0.236020 0.221278 0.207243 0.193899 0.181227

32 0.399769 0.377693 0.356532 0.336257 0.316838 0.298252 0.280478 0.263497 0.247292 0.231846 0.217141 0.203159 0.189883

33 0.419005 0.395867 0.373688 0.352437 0.332084 0.312603 0.293974 0.276176 0.259192 0.243002 0.227590 0.212935 0.199020

34 0.439324 0.415064 0.391810 0.369528 0.348188 0.327762 0.308229 0.289569 0.271761 0.254786 0.238626 0.223261 0.208671

35 0.460800 0.435354 0.410963 0.387592 0.365208 0.343784 0.323297 0.303724 0.285045 0.267241 0.250291 0.234175 0.218871

36 0.483514 0.456813 0.431220 0.406697 0.383210 0.360730 0.339233 0.318695 0.299096 0.280414 0.262629 0.245718 0.229660

37 0.507554 0.479526 0.452660 0.426918 0.402263 0.378666 0.356099 0.334541 0.313967 0.294356 0.275686 0.257935 0.241079

38 0.533016 0.503582 0.475368 0.448335 0.422443 0.397662 0.373964 0.351323 0.329717 0.309123 0.289516 0.270874 0.253173

39 0.560006 0.529081 0.499439 0.471037 0.443834 0.417798 0.392900 0.369113 0.346413 0.324776 0.304176 0.284590 0.265992

40 0.588639 0.556133 0.524975 0.495121 0.466527 0.439160 0.412988 0.387985 0.364125 0.341381 0.319729 0.299142 0.279592

41 0.619040 0.584855 0.552088 0.520692 0.490622 0.461841 0.434318 0.408024 0.382931 0.359012 0.336242 0.314591 0.294032

42 0.651347 0.615378 0.580901 0.547866 0.516227 0.485944 0.456984 0.429318 0.402915 0.377749 0.353790 0.331009 0.309377

43 0.685709 0.647843 0.611547 0.576769 0.543461 0.511580 0.481093 0.451967 0.424172 0.397677 0.372454 0.348472 0.325699

44 0.722293 0.682406 0.644174 0.607541 0.572455 0.538874 0.506760 0.476080 0.446802 0.418894 0.392325 0.367063 0.343075

45 0.761276 0.719237 0.678941 0.640331 0.603352 0.567958 0.534111 0.501775 0.470916 0.441502 0.413500 0.386874 0.361592

46 0.802859 0.758524 0.716027 0.675307 0.636308 0.598981 0.563285 0.529183 0.496639 0.465618 0.436086 0.408007 0.381343

47 0.847262 0.800474 0.755627 0.712656 0.671500 0.632108 0.594438 0.558450 0.524106 0.491370 0.460204 0.430572 0.402434

48 0.894731 0.845322 0.797962 0.752583 0.709122 0.667523 0.627742 0.589738 0.553470 0.518900 0.485988 0.454695 0.424980

49 0.945541 0.893326 0.843277 0.795321 0.749391 0.705430 0.663391 0.623228 0.584900 0.548367 0.513586 0.480516 0.449114

50 0.944778 0.891846 0.841128 0.792553 0.746060 0.701599 0.659123 0.618588 0.579950 0.543166 0.508192 0.474981

51 0.943974 0.890291 0.838877 0.789667 0.742607 0.697649 0.654744 0.613848 0.574914 0.537896 0.502744

52 0.943131 0.888665 0.836534 0.786681 0.739055 0.693604 0.650281 0.609036 0.569820 0.532582

53 0.942249 0.886975 0.834116 0.783618 0.735426 0.689491 0.645759 0.604179 0.564695

54 0.941338 0.885239 0.831645 0.780500 0.731750 0.685338 0.641209 0.599305

55 0.940405 0.883472 0.829139 0.777350 0.728046 0.681167 0.636652

56 0.939458 0.881683 0.826612 0.774183 0.724334 0.676998

57 0.938501 0.879881 0.824074 0.771012 0.720626

58 0.937539 0.878074 0.821535 0.767847

59 0.936574 0.876268 0.819003

60 0.935609 0.874467

61 0.934649

Table 4
Early Retirement Factors--Women

Normal Retirement Age

Age at

Retirement 50 51 52 53 54 55 56 57 58 59 60 61 62

25 0.306429 0.290685 0.275577 0.261080 0.247168 0.233818 0.221007 0.208712 0.196915 0.185602 0.174758 0.164375 0.154446

26 0.320175 0.303725 0.287939 0.272791 0.258256 0.244307 0.230921 0.218074 0.205749 0.193927 0.182597 0.171749 0.161374

27 0.334607 0.317416 0.300918 0.285088 0.269897 0.255320 0.241330 0.227905 0.215023 0.202669 0.190828 0.179491 0.168648

28 0.349766 0.331795 0.314550 0.298003 0.282124 0.266886 0.252263 0.238229 0.224764 0.211850 0.199473 0.187622 0.176288

29 0.365692 0.346903 0.328873 0.311572 0.294970 0.279038 0.263749 0.249076 0.234998 0.221497 0.208556 0.196165 0.184315

30 0.382429 0.362781 0.343925 0.325832 0.308471 0.291810 0.275821 0.260477 0.245754 0.231634 0.218101 0.205143 0.192751

31 0.400025 0.379472 0.359749 0.340824 0.322663 0.305236 0.288511 0.272461 0.257061 0.242292 0.228136 0.214582 0.201620

32 0.418527 0.397024 0.376389 0.356588 0.337588 0.319354 0.301856 0.285063 0.268951 0.253499 0.238688 0.224507 0.210945

33 0.437989 0.415486 0.393891 0.373170 0.353286 0.334204 0.315892 0.298319 0.281458 0.265286 0.249787 0.234947 0.220754

34 0.458470 0.434914 0.412310 0.390620 0.369806 0.349832 0.330664 0.312269 0.294619 0.277692 0.261468 0.245933 0.231077

35 0.480035 0.455372 0.431704 0.408994 0.387201 0.366288 0.346218 0.326957 0.308477 0.290754 0.273767 0.257501 0.241946

36 0.502757 0.476926 0.452138 0.428353 0.405528 0.383625 0.362605 0.342433 0.323079 0.304516 0.286725 0.269690 0.253399

37 0.526714 0.499653 0.473683 0.448764 0.424852 0.401906 0.379884 0.358751 0.338474 0.319027 0.300388 0.282541 0.265474

38 0.551993 0.523632 0.496417 0.470302 0.445242 0.421194 0.398116 0.375968 0.354718 0.334338 0.314804 0.296101 0.278214

39 0.578686 0.548954 0.520422 0.493044 0.466773 0.441562 0.417368 0.394149 0.371871 0.350506 0.330028 0.310420 0.291668

40 0.606892 0.575711 0.545789 0.517076 0.489524 0.463085 0.437711 0.413361 0.389997 0.367590 0.346114 0.325550 0.305885

41 0.636716 0.604003 0.572610 0.542487 0.513581 0.485842 0.459221 0.433674 0.409163 0.385654 0.363123 0.341548 0.320916

42 0.668269 0.633935 0.600986 0.569370 0.539032 0.509918 0.481978 0.455165 0.429439 0.404766 0.381118 0.358474 0.336820

43 0.701672 0.665621 0.631026 0.597830 0.565975 0.535406 0.506069 0.477916 0.450904 0.424997 0.400167 0.376392 0.353655

44 0.737053 0.699184 0.662844 0.627974 0.594513 0.562403 0.531587 0.502015 0.473640 0.446427 0.420345 0.395371 0.371488

45 0.774555 0.734759 0.696571 0.659926 0.624763 0.591019 0.558635 0.527558 0.497740 0.469142 0.441733 0.415488 0.390390

46 0.814335 0.772496 0.732345 0.693819 0.656850 0.621372 0.587326 0.554652 0.523303 0.493236 0.464419 0.436827 0.410440

47 0.856568 0.812559 0.770326 0.729802 0.690915 0.653598 0.617786 0.583418 0.550442 0.518817 0.488505 0.459482 0.431726

48 0.901447 0.855132 0.810687 0.768039 0.727115 0.687842 0.650154 0.613985 0.579282 0.545999 0.514100 0.483555 0.454346

49 0.949181 0.900413 0.853615 0.808709 0.765618 0.724266 0.684581 0.646497 0.609957 0.574912 0.541323 0.509161 0.478404

50 0.948621 0.899317 0.852007 0.806609 0.763043 0.721233 0.681110 0.642614 0.605692 0.570305 0.536421 0.504018

51 0.948025 0.898152 0.850295 0.804370 0.760296 0.718000 0.677418 0.638497 0.601193 0.565475 0.531316

52 0.947393 0.896912 0.848469 0.801979 0.757364 0.714557 0.673502 0.634153 0.596476 0.560445

53 0.946716 0.895582 0.846511 0.799419 0.754235 0.710900 0.669367 0.629597 0.591565

54 0.945988 0.894155 0.844412 0.796685 0.750912 0.707040 0.665033 0.624861

55 0.945207 0.892624 0.842172 0.793785 0.747409 0.703003 0.660537

56 0.944369 0.890992 0.839800 0.790736 0.743755 0.698828

57 0.943479 0.889271 0.837316 0.787569 0.739994

58 0.942544 0.887477 0.834749 0.784325

59 0.941575 0.885633 0.832135

60 0.940586 0.883769

61 0.939593

[Continued on next Web Page]

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NOTICES

PUBLIC SCHOOL EMPLOYEES' RETIREMENT BOARD

Actuarial Tables and Computational Procedures

[31 Pa.B. 1930]

General Information

Retirement Benefit Calculation Examples

Maximum Option

Option 1

Option 2

Option 3

Special Option

Option 4

Vested Benefits

Early Retirement

(Withdrawal Allowance)

Early Retirement

(3% Formula)

ACTUARIAL TABLES

(Adopted December 14, 2000)

Table 1
Present Value of $1 Annuity

Table 2
Service Option 1 Reducing Factors

Table 3

Early Retirement Factors--Men

Normal Retirement Age

Table 4
Early Retirement Factors--Women

Normal Retirement Age

[Continued on next Web Page]

Final Average Salary	--	$30,000
Years of Credited Service	--	30 years
Member Sex and Age	--	Female, age 60
Beneficiary Sex and Age	--	Male, age 60
Accumulated Deductions	--	38,000

Formula:
Final Average Salary	X	2%	X	Years of Credited Service	=	Maximum Single Life Annuity
Accumulated Deductions					=	Total Value Protected
Example:
$30,000	X	.02	X	30	=	$18,000 ($1,500 monthly)
Total Value Protected					=	$38,000

Formula:
Fnal Average Salary	X	2%	X	Years of Credited Service	X	Reducing Factor for Option 3*	=	Option 3 Annual Member Benefit
Option 3 Annual Member Benefit	X	50%					=	Option 3 Annual Beneficiary Benefit
Example:
$30,000	X	.02	X	30	X	.9550*	=	$17,190 to Member ($1,432 monthly)
$17,190	X	50%					=	$8,595 to Beneficiary ($716 monthly)

Formula:
3%	X	Number of Years Below Normal Retirement Age					=	Early Retirement Reduction
100%	-	Early Retirement Reduction					=	Early Retirement Factor
Final Average Salary	X	2%	X	Years of Credited Service	X	Early Retirement Factor	=	Early Retirement Annual Benefit
Examples:
A. Member age 55 with 25 years of service. Normal Retirement Age 60 (5 year reduction).
3%	X	5 years					=	15% Reduction
100%	-	15%					=	85% Early Retirement Factor
$30,000	X	.02	X	25	X	85%	=	$12,750 ($1,062 monthly)
B. Member age 57 with 27 years of service. Normal Retirement Age 60 (3 year reduction).
3%	X	3 years					=	9% Reduction
100%	-	9%					=	91% Early Retirement Factor
$30,000	X	.02	X	27	X	91%	=	$14,742 ($1,228 monthly)
C. Member age 56 with 33 years of service. Normal Retirement Age 58 (with 35 years of service) (2 year reduction).
3%	X	2 years					=	6% Reduction
100%	-	6%					=	94% Early Retirement Factor
$30,000	X	.02	X	33	X	94%	=	$18,612 ($1,551 monthly)
D. Member age 55 with 29 years of service. Normal Retirement Age 60 (5 year reduction).
3%	X	5 years					=	15% Reduction
100%	-	15%					=	85% Early Retirement Factor
$30,000	X	.02	X	29	X	85%	=	$14,790 ($1,232 monthly)
E. Member age 61 with 27 years of service. Normal Retirement Age 62 (1 year reduction).
3%	X	1 year					=	3% Reduction
100%	-	3%					=	97% Early Retirement Factor
$30,000	X	.02	X	27	X	97%	=	$15,714 ($1,309 monthly)

Age	Men	Women	Age	Men	Women	Age	Men	Women
			51	16.758	18.336	81	6.195	7.999
22	22.378	23.045	52	16.452	18.078	82	5.912	7.640
23	22.270	22.951	53	16.137	17.812	83	5.643	7.288
24	22.156	22.853	54	15.813	17.538	84	5.388	6.943
25	22.038	22.752	55	15.481	17.254	85	5.147	6.606
26	21.915	22.646	56	15.141	16.961	86	4.918	6.280
27	21.787	22.536	57	14.793	16.658	87	4.700	5.964
28	21.653	22.422	58	14.438	16.345	88	4.490	5.661
29	21.513	22.303	59	14.078	16.023	89	4.287	5.370
30	21.367	22.180	60	13.713	15.690	90	4.090	5.092
31	21.216	22.053	61	13.343	15.348	91	3.896	4.825
32	21.059	21.921	62	12.970	14.998	92	3.706	4.568
33	20.896	21.785	63	12.594	14.640	93	3.519	4.321
34	20.727	21.644	64	12.217	14.277	94	3.334	4.081
35	20.551	21.498	65	11.839	13.909	95	3.150	3.850
36	20.369	21.348	66	11.461	13.538	96	2.968	3.625
37	20.181	21.192	67	11.083	13.166	97	2.787	3.406
38	19.985	21.030	68	10.707	12.794	98	2.608	3.194
39	19.783	20.863	69	10.332	12.423	99	2.431	2.986
40	19.574	20.689	70	9.959	12.053	100	2.257	2.783
41	19.357	20.509	71	9.588	11.684	101	2.086	2.585
42	19.133	20.322	72	9.220	11.316	102	1.920	2.390
43	18.901	20.129	73	8.855	10.948	103	1.760	2.199
44	18.661	19.929	74	8.495	10.579	104	1.607	2.014
45	18.414	19.722	75	8.140	10.210	105	1.462	1.834
46	18.158	19.509	76	7.792	9.840	106	1.325	1.662
47	17.895	19.289	77	7.452	9.469	107	1.197	1.498
48	17.624	19.062	78	7.121	9.099	108	1.078	1.344
49	17.344	18.828	79	6.800	8.729	109	0.969	1.201
50	17.055	18.586	80	6.491	8.362	110	0.870	1.070

Age	Men	Women	Age	Men	Women	Age	Men	Women
			51	0.9667	0.9808	81	0.7037	0.7844
22	0.9940	0.9978	52	0.9635	0.9792	82	0.6916	0.7720
23	0.9940	0.9977	53	0.9599	0.9773	83	0.6791	0.7598
24	0.9939	0.9975	54	0.9559	0.9752	84	0.6672	0.7466
25	0.9938	0.9973	55	0.9514	0.9728	85	0.6565	0.7330
26	0.9937	0.9971	56	0.9465	0.9700	86	0.6470	0.7201
27	0.9936	0.9969	57	0.9413	0.9669	87	0.6375	0.7072
28	0.9934	0.9966	58	0.9356	0.9633	88	0.6280	0.6936
29	0.9932	0.9963	59	0.9295	0.9593	89	0.6193	0.6809
30	0.9928	0.9960	60	0.9230	0.9548	90	0.6117	0.6695
31	0.9925	0.9957	61	0.9162	0.9498	91	0.6042	0.6574
32	0.9921	0.9953	62	0.9088	0.9443	92	0.5951	0.6453
33	0.9916	0.9949	63	0.9011	0.9383	93	0.5867	0.6343
34	0.9912	0.9946	64	0.8932	0.9320	94	0.5793	0.6246
35	0.9906	0.9942	65	0.8850	0.9252	95	0.5730	0.6129
36	0.9900	0.9938	66	0.8762	0.9181	96	0.5625	0.6016
37	0.9893	0.9933	67	0.8672	0.9110	97	0.5529	0.5916
38	0.9885	0.9928	68	0.8582	0.9035	98	0.5444	0.5833
39	0.9877	0.9923	69	0.8483	0.8960	99	0.5380	0.5707
40	0.9868	0.9918	70	0.8382	0.8886	100	0.5251	0.5596
41	0.9858	0.9911	71	0.8281	0.8808	101	0.5128	0.5507
42	0.9847	0.9904	72	0.8170	0.8729	102	0.5029	0.5410
43	0.9834	0.9897	73	0.8055	0.8650	103	0.4970	0.5265
44	0.9819	0.9888	74	0.7939	0.8567	104	0.4821	0.5146
45	0.9804	0.9879	75	0.7819	0.8478	105	0.4678	0.5062
46	0.9787	0.9870	76	0.7690	0.8387	106	0.4580	0.4930
47	0.9767	0.9860	77	0.7561	0.8291	107	0.4557	0.4760
48	0.9746	0.9849	78	0.7435	0.8185	108	0.4466	0.4644
49	0.9723	0.9837	79	0.7300	0.8076	109	0.4305	0.4623
50	0.9696	0.9823	80	0.7165	0.7968	110	0.4223	0.4492

Age at
Retirement	50	51	52	53	54	55	56	57	58	59	60	61	62
25	0.290295	0.274264	0.258899	0.244175	0.230074	0.216578	0.203671	0.191340	0.179573	0.168357	0.157678	0.147526	0.137885
26	0.303604	0.286839	0.270768	0.255370	0.240622	0.226507	0.213008	0.200113	0.187806	0.176075	0.164908	0.154289	0.144206
27	0.317611	0.300072	0.283260	0.267152	0.251724	0.236957	0.222836	0.209345	0.196470	0.184199	0.172516	0.161407	0.150859
28	0.332360	0.314007	0.296414	0.279558	0.263413	0.247961	0.233184	0.219066	0.205594	0.192752	0.180527	0.168903	0.157865
29	0.347898	0.328687	0.310272	0.292627	0.275728	0.259553	0.244085	0.229308	0.215206	0.201764	0.188967	0.176799	0.165245
30	0.364276	0.344160	0.324878	0.306403	0.288708	0.271772	0.255576	0.240103	0.225337	0.211262	0.197862	0.185122	0.173024
31	0.381547	0.360477	0.340281	0.320930	0.302396	0.284657	0.267693	0.251486	0.236020	0.221278	0.207243	0.193899	0.181227
32	0.399769	0.377693	0.356532	0.336257	0.316838	0.298252	0.280478	0.263497	0.247292	0.231846	0.217141	0.203159	0.189883
33	0.419005	0.395867	0.373688	0.352437	0.332084	0.312603	0.293974	0.276176	0.259192	0.243002	0.227590	0.212935	0.199020
34	0.439324	0.415064	0.391810	0.369528	0.348188	0.327762	0.308229	0.289569	0.271761	0.254786	0.238626	0.223261	0.208671
35	0.460800	0.435354	0.410963	0.387592	0.365208	0.343784	0.323297	0.303724	0.285045	0.267241	0.250291	0.234175	0.218871
36	0.483514	0.456813	0.431220	0.406697	0.383210	0.360730	0.339233	0.318695	0.299096	0.280414	0.262629	0.245718	0.229660
37	0.507554	0.479526	0.452660	0.426918	0.402263	0.378666	0.356099	0.334541	0.313967	0.294356	0.275686	0.257935	0.241079
38	0.533016	0.503582	0.475368	0.448335	0.422443	0.397662	0.373964	0.351323	0.329717	0.309123	0.289516	0.270874	0.253173
39	0.560006	0.529081	0.499439	0.471037	0.443834	0.417798	0.392900	0.369113	0.346413	0.324776	0.304176	0.284590	0.265992
40	0.588639	0.556133	0.524975	0.495121	0.466527	0.439160	0.412988	0.387985	0.364125	0.341381	0.319729	0.299142	0.279592
41	0.619040	0.584855	0.552088	0.520692	0.490622	0.461841	0.434318	0.408024	0.382931	0.359012	0.336242	0.314591	0.294032
42	0.651347	0.615378	0.580901	0.547866	0.516227	0.485944	0.456984	0.429318	0.402915	0.377749	0.353790	0.331009	0.309377
43	0.685709	0.647843	0.611547	0.576769	0.543461	0.511580	0.481093	0.451967	0.424172	0.397677	0.372454	0.348472	0.325699
44	0.722293	0.682406	0.644174	0.607541	0.572455	0.538874	0.506760	0.476080	0.446802	0.418894	0.392325	0.367063	0.343075
45	0.761276	0.719237	0.678941	0.640331	0.603352	0.567958	0.534111	0.501775	0.470916	0.441502	0.413500	0.386874	0.361592
46	0.802859	0.758524	0.716027	0.675307	0.636308	0.598981	0.563285	0.529183	0.496639	0.465618	0.436086	0.408007	0.381343
47	0.847262	0.800474	0.755627	0.712656	0.671500	0.632108	0.594438	0.558450	0.524106	0.491370	0.460204	0.430572	0.402434
48	0.894731	0.845322	0.797962	0.752583	0.709122	0.667523	0.627742	0.589738	0.553470	0.518900	0.485988	0.454695	0.424980
49	0.945541	0.893326	0.843277	0.795321	0.749391	0.705430	0.663391	0.623228	0.584900	0.548367	0.513586	0.480516	0.449114
50		0.944778	0.891846	0.841128	0.792553	0.746060	0.701599	0.659123	0.618588	0.579950	0.543166	0.508192	0.474981
51			0.943974	0.890291	0.838877	0.789667	0.742607	0.697649	0.654744	0.613848	0.574914	0.537896	0.502744
52				0.943131	0.888665	0.836534	0.786681	0.739055	0.693604	0.650281	0.609036	0.569820	0.532582
53					0.942249	0.886975	0.834116	0.783618	0.735426	0.689491	0.645759	0.604179	0.564695
54						0.941338	0.885239	0.831645	0.780500	0.731750	0.685338	0.641209	0.599305
55							0.940405	0.883472	0.829139	0.777350	0.728046	0.681167	0.636652
56								0.939458	0.881683	0.826612	0.774183	0.724334	0.676998
57									0.938501	0.879881	0.824074	0.771012	0.720626
58										0.937539	0.878074	0.821535	0.767847
59											0.936574	0.876268	0.819003
60												0.935609	0.874467
61													0.934649

Age at
Retirement	50	51	52	53	54	55	56	57	58	59	60	61	62
25	0.306429	0.290685	0.275577	0.261080	0.247168	0.233818	0.221007	0.208712	0.196915	0.185602	0.174758	0.164375	0.154446
26	0.320175	0.303725	0.287939	0.272791	0.258256	0.244307	0.230921	0.218074	0.205749	0.193927	0.182597	0.171749	0.161374
27	0.334607	0.317416	0.300918	0.285088	0.269897	0.255320	0.241330	0.227905	0.215023	0.202669	0.190828	0.179491	0.168648
28	0.349766	0.331795	0.314550	0.298003	0.282124	0.266886	0.252263	0.238229	0.224764	0.211850	0.199473	0.187622	0.176288
29	0.365692	0.346903	0.328873	0.311572	0.294970	0.279038	0.263749	0.249076	0.234998	0.221497	0.208556	0.196165	0.184315
30	0.382429	0.362781	0.343925	0.325832	0.308471	0.291810	0.275821	0.260477	0.245754	0.231634	0.218101	0.205143	0.192751
31	0.400025	0.379472	0.359749	0.340824	0.322663	0.305236	0.288511	0.272461	0.257061	0.242292	0.228136	0.214582	0.201620
32	0.418527	0.397024	0.376389	0.356588	0.337588	0.319354	0.301856	0.285063	0.268951	0.253499	0.238688	0.224507	0.210945
33	0.437989	0.415486	0.393891	0.373170	0.353286	0.334204	0.315892	0.298319	0.281458	0.265286	0.249787	0.234947	0.220754
34	0.458470	0.434914	0.412310	0.390620	0.369806	0.349832	0.330664	0.312269	0.294619	0.277692	0.261468	0.245933	0.231077
35	0.480035	0.455372	0.431704	0.408994	0.387201	0.366288	0.346218	0.326957	0.308477	0.290754	0.273767	0.257501	0.241946
36	0.502757	0.476926	0.452138	0.428353	0.405528	0.383625	0.362605	0.342433	0.323079	0.304516	0.286725	0.269690	0.253399
37	0.526714	0.499653	0.473683	0.448764	0.424852	0.401906	0.379884	0.358751	0.338474	0.319027	0.300388	0.282541	0.265474
38	0.551993	0.523632	0.496417	0.470302	0.445242	0.421194	0.398116	0.375968	0.354718	0.334338	0.314804	0.296101	0.278214
39	0.578686	0.548954	0.520422	0.493044	0.466773	0.441562	0.417368	0.394149	0.371871	0.350506	0.330028	0.310420	0.291668
40	0.606892	0.575711	0.545789	0.517076	0.489524	0.463085	0.437711	0.413361	0.389997	0.367590	0.346114	0.325550	0.305885
41	0.636716	0.604003	0.572610	0.542487	0.513581	0.485842	0.459221	0.433674	0.409163	0.385654	0.363123	0.341548	0.320916
42	0.668269	0.633935	0.600986	0.569370	0.539032	0.509918	0.481978	0.455165	0.429439	0.404766	0.381118	0.358474	0.336820
43	0.701672	0.665621	0.631026	0.597830	0.565975	0.535406	0.506069	0.477916	0.450904	0.424997	0.400167	0.376392	0.353655
44	0.737053	0.699184	0.662844	0.627974	0.594513	0.562403	0.531587	0.502015	0.473640	0.446427	0.420345	0.395371	0.371488
45	0.774555	0.734759	0.696571	0.659926	0.624763	0.591019	0.558635	0.527558	0.497740	0.469142	0.441733	0.415488	0.390390
46	0.814335	0.772496	0.732345	0.693819	0.656850	0.621372	0.587326	0.554652	0.523303	0.493236	0.464419	0.436827	0.410440
47	0.856568	0.812559	0.770326	0.729802	0.690915	0.653598	0.617786	0.583418	0.550442	0.518817	0.488505	0.459482	0.431726
48	0.901447	0.855132	0.810687	0.768039	0.727115	0.687842	0.650154	0.613985	0.579282	0.545999	0.514100	0.483555	0.454346
49	0.949181	0.900413	0.853615	0.808709	0.765618	0.724266	0.684581	0.646497	0.609957	0.574912	0.541323	0.509161	0.478404
50		0.948621	0.899317	0.852007	0.806609	0.763043	0.721233	0.681110	0.642614	0.605692	0.570305	0.536421	0.504018
51			0.948025	0.898152	0.850295	0.804370	0.760296	0.718000	0.677418	0.638497	0.601193	0.565475	0.531316
52				0.947393	0.896912	0.848469	0.801979	0.757364	0.714557	0.673502	0.634153	0.596476	0.560445
53					0.946716	0.895582	0.846511	0.799419	0.754235	0.710900	0.669367	0.629597	0.591565
54						0.945988	0.894155	0.844412	0.796685	0.750912	0.707040	0.665033	0.624861
55							0.945207	0.892624	0.842172	0.793785	0.747409	0.703003	0.660537
56								0.944369	0.890992	0.839800	0.790736	0.743755	0.698828
57									0.943479	0.889271	0.837316	0.787569	0.739994
58										0.942544	0.887477	0.834749	0.784325
59											0.941575	0.885633	0.832135
60												0.940586	0.883769
61													0.939593

NOTICES

PUBLIC SCHOOL EMPLOYEES' RETIREMENT BOARD

Actuarial Tables and Computational Procedures

[31 Pa.B. 1930]

General Information

Retirement Benefit Calculation Examples

Maximum Option

Option 1

Option 2

Option 3

Special Option

Option 4

Vested Benefits

Early Retirement

(Withdrawal Allowance)

Early Retirement

(3% Formula)

ACTUARIAL TABLES

(Adopted December 14, 2000)

Table 1 Present Value of $1 Annuity

Table 2 Service Option 1 Reducing Factors

Table 3

Early Retirement Factors--Men

Normal Retirement Age

Table 4Early Retirement Factors--Women

Normal Retirement Age

[Continued on next Web Page]

Table 1
Present Value of $1 Annuity

Table 2
Service Option 1 Reducing Factors

Table 4
Early Retirement Factors--Women