Current through Register Vol. 50, No. 9, September 20, 2024
A.
Effective July 1, 2013 and continuing through June 30, 2015, as provided by
R.S.
11:1588(A) actuarial
equivalent shall be defined by using the following assumptions.
1. Interest shall be compounded annually at
the rate of 7.5 percent per annum.
a. For
single life option factors, mortality rates shall be based on the RP-2000
combined healthy tables unisexed based on 70 percent males and 30 percent
females. For joint life option factors, mortality rates shall be based on the
RP-2000 combined healthy tables unisexed based on 95 percent males and 5
percent females for retirees and 5 percent males and 95 percent females for
beneficiaries
b. For disability
award lifetime equivalences, mortality rates shall be based on the RP-2000
disabled lives tables unisexed based on 70 percent males and 30 percent
females.
B.
Effective July 1, 2015 and continuing through June 30, 2016, as provided by
R.S.
11:1588(A) actuarial
equivalent shall be defined by using the following assumptions.
1. Interest shall be compounded annually at
the rate of 7.25 percent per annum.
a. For
single life option factors, mortality rates shall be based on the RP-2000
combined healthy tables unisexed based on 70 percent males and 30 percent
females. For joint life option factors, mortality rates shall be based on the
RP-2000 combined healthy tables unisexed based on 95 percent males and 5
percent females for retirees and 5 percent males and 95 percent females for
beneficiaries.
b. For disability
award lifetime equivalences, mortality rates shall be based on the RP-2000
disabled lives tables unisexed based on 70 percent males and 30 percent
females.
C.
Effective July 1, 2016 and continuing so long as not amended by resolution of
the board, as provided by
R.S.
11:1588(A) 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.
a. For
single life option factors, mortality rates shall be based on the RP-2000
combined healthy table with white collar adjustment with no setback for males
and with 1 year setback for females and unisexed based on 80 percent males and
20 percent females. For joint life option factors, mortality rates shall be
based on the RP-2000 combined healthy tables with white color adjustment with
no setback for males and with a 1 year setback for females and unisexed based
on 95 percent males and 5 percent females for retirees and 5 percent males and
95 percent females for beneficiaries.
b. For disability award lifetime
equivalences, mortality rates shall be based on the RP-2000 disabled lives
tables set back 5 years for males and set back 3 years for females unisexed
based on 80 percent males and 20 percent females.
D. After July 1, 2016, the
interest and mortality rate assumptions shall be as adopted by resolution of
the board. The board shall consult with its actuary with regard to the proper
rates to use.
E. For purposes of
comparing the benefits of the forms of distribution with the maximum limitation
on benefits, the applicable mortality tables described in IRC §417(e)(3)(B)
shall be used.
AUTHORITY NOTE:
Promulgated in accordance with the provisions of R.S. 11:1658-1659 and
R.S.
49:950 et
seq.
