After a weekend of confusion, chaos, and disbelief, it appears that PERS has updated its "Assumed Rate FAQ" and script used when getting calls. According to the revised "Assumed Rate FAQ" at the PERS Oregon Official Website -http://www.oregon.gov/pers/docs/financial_reports/assumed_rate_faq_5-31-13.pdf - the date for implementation of the revised Actuarial Equivalency Factors is 1/1/2014, which is what we thought it was supposed to be from the very beginning. I don't know whether this represents a shift from PERS and the Board, or whether it was just clumsily presented on Friday. In any case, it would appear that the assumed rate change (to 7.5% or 7.75%) will take place on August 1, 2013, as promised, but the revision to the accompanying mortality tables and annuitization factors won't take place until January 1. This means that members who expect to retire this year will not be adversely affected by the AEF change unless they retire after 12/1/2013. While earnings crediting will take place at the new rate (one of the two amounts above) beginning on 8/1/2013, the underlying annuitization tables won't change until 1/1/14, meaning that retirements up to 12/1/13 will be figured under the old mortality tables. This should ease some of the pressure for potential retirees. If you want more information, the PERS website is your friend. It is now there in black and white at the above link, which appears to be updated as new questions and answers arise.
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