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PERS board’s new actuarial assumptions reduce liabilities modestly; committee receives report
Summary
PERS director told the subcommittee the board adopted actuarial methods and mortality table updates that lowered liabilities by about $1 billion and produced an average 0.5% reduction in employer contribution rates — roughly $175 million in payroll contributions — and that the assumed rate of return remains 6.9%.
Kevin Linnick, director of the Public Employees Retirement System, presented the PERS board’s newly adopted actuarial methods and assumptions to the Joint Interim Committee on Ways and Means — Public Safety Subcommittee on Sept. 30.
Linnick said the board retained the inflation assumption at 2.4% and payroll growth at 3.4%, adopted the Pub-2016 mortality tables supplied by the Society of Actuaries, and continued an assumed rate of return of 6.9%. He said the consulting actuary…
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