Life Expectancy Assumptions Changes
Every five years, the PSERS actuaries review our member experience within PSERS.
During the most recent review, our actuaries recommended an adjustment to the life expectancy assumptions used in benefit calculations and the actuarial tables. This change will take effect on July 1, 2022, and will only affect members retiring on or after that date. Current retirees will not be impacted.
The impact on your pension benefit resulting from the change to the life expectancy assumptions will depend on your age at the time of retirement, if you retire before normal retirement eligibility, and the option you choose. Additionally, if you choose a survivor annuitant, their life expectancy will also impact the benefit calculation but the impact will be minimal.
Thinking of retiring around the end of the 2022 school year?
If you’re considering retirement around June or July 2022, you should log
into your MSS account any time after March to create your own comparative
estimates. You will be able to enter different retirement dates to see the impact
these changes may have if you retire before or after they go into effect. You may
also request a staff-prepared estimate from PSERS showing how these changes
in actuarial factors may affect your benefit, but this option will not be available
until some time in March 2022. When you request an estimate in March or later,
note on your request if you would like the comparative estimate.
Please remember that retirement estimates done by PSERS staff take 4 – 6
weeks. Estimates can be requested by contacting PSERS or submitting a
Request for Estimate (PSRS-151) form.
If you are within 12 months of retiring, please see the
Countdown to Retirement Checklist.