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Board reviews administrative factors and adopts interim agenda including records-retention study tied to PSOB evidence concerns
Summary
Staff and the state actuary presented changes to administrative (actuarial) factors effective Jan. 1, 2027, that modestly improve some joint-and-survivor benefits and reduce certain annuity-purchase values; the board also adopted a two-part interim agenda that added policy studies including a records-retention topic to address PSOB evidence issues.
Jacob White, executive director staff to the board, and state actuary Mitch DeCampoff walked members through changes that flow from last year's adopted economic and demographic assumptions.
Mitch said updated assumptions (chiefly longevity increases) alter both joint-and-survivor reduction factors and annuity-purchase factors. Jacob illustrated with examples: a member choosing a 100% joint-and-survivor option with…
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