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PERS preliminary actuarial changes reduce accrued liabilities by $1 billion but members warned employer rates may still rise
Summary
The committee received PERS preliminary methods and assumptions that cut accrued liabilities by about $1 billion (from $109.7B to $108.7B) and estimated a 0.5% reduction in employer contribution rates from updated assumptions, while staff warned employer rates may still increase due to expiring side accounts and financing changes.
The Joint Interim Committee on Ways and Means heard a report from the Public Employees Retirement System on Oct. 1 outlining preliminary changes to actuarial methods and assumptions. Representative Evans presented the board’s recommended demographic assumption updates that the PERS Board reported would reduce accrued liabilities by about $1,000,000,000 (from $109.7B to $108.7B) and yield an estimated 0.5% reduction in employer contribution rates for the employer rate‑setting cycle. The PERS Board must…
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