Louisiana Administrative Code
Title 58 - RETIREMENT
Part XVII - Registrars of Voters Employees' Retirement System
Chapter 3 - Final Average Compensation
Section XVII-303 - Actuarial Equivalent
Universal Citation: LA Admin Code XVII-303
Current through Register Vol. 50, No. 9, September 20, 2024
A. As provided under R.S. 11:2031(2), actuarial equivalent shall be defined using the following assumptions.
1. Interest shall be compounded annually at
the rate of 7.50 percent per annum.
2. Annuity rates shall be determined on the
basis of RP-2000 Combined Healthy table set back three years for males and two
years for females.
B. Effective July 1, 2016, as provided by R.S. 11:2031(2) actuarial equivalent shall be defined by using the following assumptions.
1. Interest shall be compounded annually at
the rate of 7.00 percent per annum (except as provided below).
2. For Single Life option factors, mortality
rates shall be based on the RP-2000 Combined Healthy tables set forward 1 year
for males and unadjusted for females, unisexed based on 15 percent males and 85
percent females.
3. For Joint Life
option factors, mortality rates shall be based on the RP-2000 Combined Healthy
tables set forward 1 year for males and unadjusted for females, unisexed based
on 15 percent males and 85 percent females for retirees and 85 percent males
and 15 percent females for beneficiaries.
4. For disability award lifetime
equivalences, mortality rates shall be based on the RP-2000 Disabled Lives
tables unisexed based on 15 percent males and 85 percent females.
5. For DROP Account Balance lifetime annuity
conversions, mortality rates shall be based on the RP-2000 Healthy Annuitant
Tables set forward 1 year for males and unadjusted for females and projected
with mortality improvement to 2030 using Scale AA, unisexed based on 15 percent
males and 85 percent females with interest at 6 percent per annum.
C. Effective July 1, 2018, as provided by R.S. 11:2031(2) actuarial equivalent shall be defined by using the following assumptions.
1. Interest shall be compounded annually at
the rate of 6.75 percent per annum (except as provided below).
2. For Single Life option factors, mortality
rates shall be based on the RP-2000 Combined Healthy tables set forward 1 year
for males and unadjusted for females, unisexed based on 15 percent males and 85
percent females.
3. For Joint Life
option factors, mortality rates shall be based on the RP-2000 Combined Healthy
tables set forward 1 year for males and unadjusted for females, unisexed based
on 15 percent males and 85 percent females for retirees and 85 percent males
and 15 percent females for beneficiaries.
4. For disability award lifetime
equivalences, mortality rates shall be based on the RP-2000 disabled lives
tables unisexed based on 15 percent males and 85 percent females.
5. For DROP Account Balance lifetime annuity
conversions, mortality rates shall be based on the RP-2000 Healthy Annuitant
Tables set forward 1 year for males and unadjusted for females and projected
with mortality improvement to 2030 using Scale AA, unisexed based on 15 percent
males and 85 percent females with interest at 5.75 percent per annum.
D. Effective July 1, 2019, as provided by R.S. 11:2031(2) actuarial equivalent shall be defined by using the following assumptions.
1. Interest shall be compounded annually at
the rate of 6.50 percent per annum (except as provided below).
2. For Single Life option factors, mortality
rates shall be based on the RP-2000 Combined Healthy tables set forward 1 year
for males and unadjusted for females, unisexed based on 15 percent males and 85
percent females.
3. For Joint Life
option factors, mortality rates shall be based on the RP-2000 Combined Healthy
tables set forward 1 year for males and unadjusted for females, unisexed based
on 15 percent males and 85 percent females for retirees and 85 percent males
and 15 percent females for beneficiaries.
4. For disability award lifetime
equivalences, mortality rates shall be based on the RP-2000 disabled lives
tables unisexed based on 15 percent males and 85 percent females.
5. For DROP Account Balance lifetime annuity
conversions, mortality rates shall be based on the RP-2000 Healthy Annuitant
Tables set forward 1 year for males and unadjusted for females and projected
with mortality improvement to 2030 using Scale AA, unisexed based on 15 percent
males and 85 percent females with interest at 5.5 percent per annum.
E. Thereafter, these assumptions shall be adopted by resolution of the board, based on recommendations of its actuary.
AUTHORITY NOTE: Promulgated in accordance with R.S. 11:2031(2).
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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