Comprehensive Annual Financial Report - Minnesota State ...
Comprehensive Annual Financial Report - Minnesota State ...
Comprehensive Annual Financial Report - Minnesota State ...
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Other Assumptions<br />
Separation<br />
GERF uses Select Table for first three years.<br />
Year Percent Year Percent Year Percent<br />
1 40% 2 15% 3 10%<br />
PEPFF also uses Select Table for first three years.<br />
Year Percent Year Percent Year Percent<br />
1 8% 2 5% 3 3.5%<br />
PECF also uses Select Table for first three years.<br />
Year Percent Year Percent Year Percent<br />
1 25% 2 20% 3 15%<br />
Annuity Selection<br />
Married members are assumed to elect the following<br />
forms of annuities:<br />
General Employees Retirement Fund<br />
Benefit Option (% chosen)<br />
Gender Single-life 25% 50% 75% 100%<br />
Male 40% 5% 15% 10% 30%<br />
Female 70 5 5 5 15<br />
Public Employees Police and Fire Fund<br />
Benefit Option (% chosen)<br />
Gender Single-life 25% 50% 75% 100%<br />
Male 15% 10% 20% 20% 35%<br />
Female 60 5 15 5 15<br />
Public Employees Correctional Fund<br />
Benefit Option (% chosen)<br />
Gender Single-life 25% 50% 75% 100%<br />
Male 40% 5% 10% 10% 35%<br />
Female 80 5 5 5 5<br />
Minneapolis Employees Retirement Fund<br />
Benefit Option (% chosen)<br />
Gender Single-life 25% 50% 75% 100%<br />
Male 100%<br />
Female 100<br />
Salary Increases<br />
Actuarial Section<br />
The General Employees Retirement Fund (GERF) and<br />
the Public Employees Police & Fire Fund (PEPFF) use<br />
salary increase tables based on years of public service,<br />
as follows:<br />
Yrs. of Salary Increase<br />
Service GERF PEPFF<br />
1 12.03% 13.0%<br />
2 8.90 11.0<br />
3 7.46 9.0<br />
4 6.58 8.0<br />
5 5.97 6.5<br />
6 5.52 6.1<br />
7 5.16 5.8<br />
8 4.87 5.6<br />
9 4.63 5.4<br />
10 4.42 5.3<br />
11 4.24 5.2<br />
12 4.08 5.1<br />
13 3.94 5.0<br />
14 3.82 4.9<br />
15 3.70 4.8<br />
16 3.60 4.8<br />
17 3.51 4.8<br />
18 3.50 4.8<br />
19 3.50 4.8<br />
20 3.50 4.8<br />
21 3.50 4.7<br />
22 3.50 4.6<br />
23+ 3.50 4.5<br />
Family Composition<br />
GERF: 75% of males and 70% of females are married.<br />
Beneficiary for males is 3 years younger,<br />
beneficiary for females is 2 years older.<br />
PEPFF: 85% of males and 65% of females are married.<br />
Beneficiary for males is 3 years younger.<br />
Beneficiary for females is 4 years older.<br />
PECF: 85% of members are married. Wives are 3 years<br />
younger than husbands.<br />
MERF: 67% of members are married. Wives are 3 years<br />
younger than husbands.<br />
Public Employees<br />
Retirement Association<br />
of <strong>Minnesota</strong><br />
57