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HomeMy WebLinkAboutRetirement Trust 9-10-09Table 1 City of Miami GESS Retirement Trust Actuarial Equivalent Reduction Factors for Option 2 (Equal Payment Survivor Annuity) Compared to 10% Reduction Currently Stated in Ordinance Spouse's Age Member's A e 35 40 45 50 55 60 65 70 75 35 1.58% 2.42�4i 3.680/, 5.431%3 7.75% 10.84% 14.84% 19.680/c 25.10% 40 1.35% 2.114/, 3.27% 4,9311/o 7.179%0 10.21% 14.20% 19.05% 24,52% 45 1.13% 1.79% 2.83% 4.34% 6.461% 9.4; % 13.34% 18.19% 23.72% 50 0.92% 1.47% 2.3601, 3.70% 5.64% 8.42% 12.25% 17.07% 22.64% 55 0.73% 1.170io 1.90°!I 3.04% 4.74°10 7.27% 10.90% 15.63% 21.22% 60 0.55% 0.89% 1.47% 2.39OX, 3.80% 6.00% 9.31% 1 13.82% 19.34% 65 0.41"%a 0.661Mb 1.091% 1.791io 2.89% 4.68% 7.55iYo 11.66% 16.96% 70 0.29010 0.4644) 0.771Y0 1.28% 2.08% 3.44% 5.76% 9.'9",'0 14.15% 75 0.19% 0.31`% 0.5211/o 0.87%1 1.42°la 2.38% 4.11% 6.944/0 11.11% Actuarial equivalence based on conversion of a 40% contingent annuity to a 100% contingent annuity using 8.10°1% interest and the 1983 Group Annuity Mortality Table set back one year. January 30, 2008 Table 2 City of Miami GESS Retirement Trust Actuarial Equivalent Reduction Factors for Option 3 (One -Half Payment Survivor Annuity) Compared to 2% Reduction Currently Stated in Ordinance Spouse's Age Member's Age 35 40 45 50 55 60 65 70 75 35 0.27% 0.41% 0.63% 0.9541) 1.38°0 1.99% 2.82% 3.92% 5.29% 40 0.23% 0.36% 0.560/6 0.86%> 1,27% 1.86% 2.68% 3.77% 5.14% 45 0.19% 0.30% 0.48`%, 0.75°/o 1.14% 1.70% 2.50% 3.57% 493% 50 0,15% 0.25% 0.40% 0.64"/o 0.99'yo 1.51'%u 2.27% 3.32% 4.65% 55 0.12%, 0.20% 0.32% 0.52% 0.82°% 1.29% 2.00% 2.99% 4.30% 60 0.09% 0.15%r 0.25`% 0.41% 0.65% 1.05% 1.6811/c, 2.60% 3.84% 65 0.07% 0.1 1 % 0.18% 0.30% 0.49°'0 0.81% J,341/10 2.15% 3.29% 70 0.05% 0.08% 0.13`.Vo 0.22% 0.351Y. 0.59% 1.01% 1.68°!0 2.67% 75 0.03°l: 0,05°l00.09°/a 0.150/n 0.24°/ii 0.41°fo 0.71% 1.23°% 2.04010 Actuarial equivalence based on conversion of a 40% contingent annuity to a 50% contingent annuity using 8.10% interest and the 1983 Group Annuity Mortality Table set back one year. January 30, 2008