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PA Bulletin, Doc. No. 01-1794

NOTICES

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.]


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