Md. Code Regs. 22.02.01.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 22.02.01.03 - Option and Annuity Factors from July 1, 2017, until December 31, 2021

A. This regulation applies to an effective date of retirement from July 1, 2017, until December 31, 2021.

B. General option factors and annuity values, which are established by the System's actuary and are based on the actuarial assumptions adopted by the Board of Trustees as set forth in §F of this regulation, shall be applicable to the Correctional Officers' Retirement System, Employees' Pension System, Employees' Retirement System, Judges' Retirement System, Teachers' Pension System, and Teachers' Retirement System.

C. Law Enforcement option factors and annuity values, which are established by the System's actuary and based on the actuarial assumptions adopted by the Board of Trustees as set forth in §F of this regulation, shall be applicable to the Law Enforcement Officers' Pension System, Local Fire and Police System, and State Police Retirement System.

D. Legislative plan option factors and annuity values, which are established by the System's actuary and based on the actuarial assumptions adopted by the Board of Trustees as set forth in §F of this regulation, shall be applicable to the Legislative Pension Plan.

E. Upon request, the Retirement Agency shall make the option factors and annuity values established by the System's actuary available to a participant.

F. Actuarial Assumptions.

	Interest Rate	Pre-reform COLA Rate	Post-reform COLA Rate	Mortality	Disabled Mortality	Unisex Mix
General Option Factors and Annuity Values	5.85%	2.29%	1.49%	RP 2014 Combined Annuitant Mortality	RP 2014 Disabled Annuitant Mortality, Set Forward 1/3 Years for Males / Females	50%/50% Male /Female
Law Enforcement Option Factors and Annuity Values	5.85%	2.46%	1.49%	RP 2014 Combined Annuitant Mortality	RP 2014 Blue Collar Annuitant Mortality	85%/15% Male /Female
Legislative Plan Option Factors and Annuity Values	5.85%	3.20%	3.20%	RP 2014 Combined Annuitant Mortality	RP 2014 Disabled Annuitant Mortality, Set Forward 1/3 Years for Males /Females	75%,/25%, Male /Female

Md. Code Regs. 22.02.01.03

Regulation .03 amended effective June 13, 2011 (38:12 Md. R. 707)
amended effective 43:16 Md. R. 901, eff. 8/15/2016; amended effective 48:3 Md. R. 94, eff. 2/8/2021