With some encouragement, PERS has finally posted both an example of the impact of the actuarial changes, and the actual tables spelling out in detail the new Actuarial Equivalency Factors. These new tables, effective 1/1/16 for all retirements taking place on or after 1/1/16 account for two new changes. First, they account for a lowering of the assumed rate from 7.75% to 7.5% and, second, they account for an update to mortality tables that show retirees living a bit longer. In the example used for Money Match members, the setback appears to be approximately 5 months. That means that the benefit you receive on December 1, 2015 (if you are eligible to retire), won’t be the same again unless you continue working until May 1, 2016. This is one of the longest setbacks in recent history.
Many people will wonder what to do. My answer is that if you were not planning to retire in the next six months, it probably makes no difference. The only people directly affected by these changes are those who are literally on the cusp of retirement and were actively planning to retire within the window of December 1, 2015 and May 1, 2016. For those eligible to retire now, but planning on going January 1, 2016, it makes considerable sense to accelerate your retirement by one month, as you will feel the greatest impact of the AEF changes the closer you are to December 1, 2015 but after.
You can find the new tables posted on the PERS web site. Check the column on the right side for the top two items.