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SB 228 MPERS.pdf

MPERS cost statement SB 228.pdf

🔗 Source: jcper.org

📊 Size: 173 KB

👤 Author: Barbara Graessle

⬇️ Downloads: 34

Summary

MPERS requested a supplemental actuarial valuation of a proposed Hybrid Plan for new hires as of January 1, 2018. The plan includes a Defined Contribution component with member and employer contribution rates of 1.0% and 3.0% of payroll, respectively, and a Defined Benefit component with reduced benefits. The valuation assumes an interest rate of 7.75%, entry-age actuarial cost method, and 8-year amortization period for unfunded retiree liabilities. The proposed plan is expected to decrease long-term employer costs by approximately 6.06% for non-uniformed members. The estimated long-term employer contributions for the proposed Hybrid Plan are 5.86% of pay for non-uniformed members, representing a decrease of 1.03% from the current 2011 Tier benefits.

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Description

MPERS requested a supplemental actuarial valuation of a proposed Hybrid Plan for new hires as of January 1, 2018.

Technical Information

File Format: PDF
File Size: 173 KB
Pages: 8
Language: EN
Author: Barbara Graessle
Total Downloads: 34
Last Updated: 2 months ago

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