Fixing a Hole

I posted a new version of the Lipscomb Calculator over the weekend. This version fixes a "hole" in the previous iterations by adding the "actuarial" reduction calculation for "window" retirees. I based the reduction on the most current PERS tables (2001, effective 7/1/03) for life-expectancy of retirees. The new actuarial firm - Mercer & Co - has undertaken a newer study, but it is hard for me to imagine that the results will be too significantly different from the tables now used. In any case, the results should be a close approximation to final implementation. I've simultaneously released the Windows and the Mac OS X versions. It is labelled 1.0.2. You can obtain either version by following the link to the left of this blog labelled "Lipscomb Alpha Software".

Please keep in mind that the question of "joint mortality" has not yet been addressed by PERS Staff. At the moment, the Calculator assumes that the payback is over the RETIREE's life expectancy and does not carry forward to a beneficiary with joint survivor benefits. This may prove to be wrong, but joint mortality figures are not currently available and PERS has given no indication that it would extend the repayment period over a beneficiary's life expectancy too. So, until I have reasons to change the calculator, I'm not inviting trouble by making assumptions I can't currently justify.

The PERS Board meets this coming Friday (October 21) to take up further details of implementing the settlement and the Strunk case. I have no indication of whether the Board will finalize implementation details at this meeting, or wait until the November meeting. There will again be an opportunity for some public testimony, and members who are interested/affected should attend. It is again at the PERS Headquarters at 1:00 p.m.