SURS Actuarial Assumptions and Benefit Provisions Used in Tier I Calculations
| Tier I – Traditional Plan | Tier I – Portable Plan | RSP* | |
| Defined Benefit (DB) Plan | |||
| Benefit | 2.2% of 4-Year FAC * Years of Service | 2.2% of 4-Year FAC * Years of Service | NA |
| Maximum Benefit | 80% of FAC | 80% of FAC | NA |
| Employee Contribution | 8.00% | 8.00% | NA |
| Interest Crediting Rate – Pre-retirement/Termination | 4.50% | 6.50% | NA |
| Assumed Return – Post-retirement/Termination | NA | 4.00% | NA |
| Defined Contribution Plan | |||
| Employee Contribution | NA | NA | 8.00% |
| Employer Contribution** | NA | NA | 7.35% |
| Assumed Return – Pre-retirement/Termination | NA | NA | 6.00% |
| Assumed Return – Post-retirement/Termination | NA | NA | 4.00% |
| Mortality | Same as Valuation, unisex mortality 45%/55% male/female | ||
| Benefit Commencement Age* | 30 Years, 60/8, 62/5 | 30 Years, 60/8, 62/5 | NA |
| COLA | 3.000% | 3.000% | NA |
| Joint and Survivor Percentage | 50.00% | 0.00% | NA |
| Survivor Age | Same as member | NA | NA |
| Present Value Calculation | Greater of value of annuity plus survivor refund (if applicable) and refund of employee contributions with interest | Greater of value of annuity and refund of employee + employer contributions with interest | Balance of employee and employer contributions with investment return |
| Lump Sum Assumptions | Benefits are assumed to withdrawn in a manner similar to Tier I annuity benefits | ||
| Pay Cap Assumptions | |||
| 2019 Pay Cap*** | $280,000 | $280,000 | $280,000 |
| Pay Cap Increase Assumption | 3.250% | 3.250% | 3.250% |
| Member Salary Increase Assumption | Same as Valuation – 12.25% in first year graded down to 3.25% at 34 YOS | ||
*Benefits are assumed to begin at the later of the assumed benefit commencement age and age at termination/retirement.
**0.25% of pay from 7.60% RSP employer contribution used to fund disability benefits
***Pay is limited to the IRS 401(a)(17) limit.