| Actuarial Equivalency Factors (11/19/2007) |
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Current actuarial equivalency factors (AEFs) will not change as of January 1, 2008 and are slated to be in effect through December 31, 2009. At the PERS Board's November 16, 2007 meeting, the Board adopted the current AEFs because the December 31, 2006 Experience Study did not change the assumptions that determine the AEFs.
By statute, the PERS Board must adopt AEFs every two years.
AEFs, based on projected member longevity, are used to:
- Reduce service retirement allowances for early retirement,
- Convert Tier One/Tier Two account balances to monthly benefits,
- Calculate lump-sum distributions from the Oregon Public Service Retirement Plan Pension Program (OPSRP), and
- Convert the normal form of benefits to other optional forms.
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