There are no significant changes in benefit terms.
The 2022 valuation incorporated the following refinements after a quadrennial experience study:
Changed mortality assumptions to the PubG-2010 mortality tables with mortality improvements modeled using Scale MP-2021.
Adjusted retirement rates for Regular members.
Lowered disability rates for Regular members.
Adjusted termination rates for all membership groups.
The 2018 valuation implemented the following refinements as a result of a demographic assumption study dated June 28, 2018:
Changed mortality assumptions to the RP-2014 mortality tables with mortality improvements modeled using Scale MP-2017.
Adjusted retirement rates.
Lowered disability rates.
Adjusted the probability of a vested Regular member electing to receive a deferred benefit.
Adjusted the merit component of the salary increase assumption.
Decreased the inflation assumption from 3.00% to 2.60%.
Decreased the assumed rate of interest on member accounts from 3.75% to 3.50% per year.
Decreased the discount rate from 7.50% to 7.00%.
Decreased the wage growth assumption from 4.00% to 3.25%.
Decreased the payroll growth assumption from 4.00% to 3.25%.
Decreased the inflation assumption from 3.25% to 3.00%.
Decreased the assumed rate of interest on member accounts from 4.00% to 3.75% per year.
Adjusted male mortality rates for retirees in the Regular membership group.
Reduced retirement rates for sheriffs and deputies between the ages of 55 and 64.
Moved from an open 30-year amortization period to a closed 30-year amortization period for the UAL (unfunded actuarial liability) beginning June 30, 2014. Each year thereafter, changes in the UAL from plan experience will be amortized on a separate closed 20-year period.
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