Regulation .04 Option and Annuity Factors on or After January 1, 2022.

This regulation applies to an effective date of retirement on or after January 1, 2022.

Employee option factors and annuity values, which are established by the System’s actuary and are based on the actuarial assumptions adopted by the Board of Trustees as set forth in §I of this regulation, shall be applicable to the Employees’ Pension System and Employees’ Retirement System.

Judicial option factors and annuity values, which are established by the System’s actuary and based on the actuarial assumptions adopted by the Board of Trustees as set forth in §I of this regulation, shall be applicable to the Judges’ Retirement System.

Legislator option factors and annuity values, which are established by the System’s actuary and based on the actuarial assumptions adopted by the Board of Trustees as set forth in §I of this regulation, shall be applicable to the Legislative Pension Plan.

Public safety option factors and annuity values, which are established by the System’s actuary and based on the actuarial assumptions adopted by the Board of Trustees as set forth in §I of this regulation, shall be applicable to the Correctional Officers’ Retirement System, Law Enforcement Officers’ Pension System, Local Fire and Police System, and State Police Retirement System.

Teacher option factors and annuity values, which are established by the System’s actuary and based on the actuarial assumptions adopted by the Board of Trustees as set forth in §I of this regulation, shall be applicable to the Teachers’ Pension System and Teachers’ Retirement System.

For mortality and disabled mortality table assumptions, the base table rates (with scaling) are projected from the year 2010 using the MP-2018 generational mortality projection scales and birth year based on age in 2023.

Upon request, the Retirement Agency shall make the option factors and annuity values established by the System’s actuary available to a participant.

Actuarial Assumptions.