At its January 17, 2013, meeting, the Board adopted the following actuarial assumptions. The purpose of this resolution is to detail the applicable actuarial assumptions adopted by the Board used to determine the amount of any benefit under the District of Columbia Teachers’ Retirement Plan and the District of Columbia Police Officers and Firefighters’ Retirement Plans that is determined on the basis of actuarial assumption as required by section 401(a)(25) of the Internal Revenue Code. Such benefits will not be subject to employer discretion.
The following assumptions shall be used:
Mortality Tables: For the Teachers’ Retirement Plan, the RP-2000 Combined Mortality Table projected with Scale AA to 2015, set back 3 years for females, is used for health annuitants and the RP-2000 Disabled Mortality Table, set back 1 year for males and set back 5 years for females, is used.
For the Police Officers and Firefighters’ Retirement Plan, the RP-2000 Combined Mortality Table projected with Scale AA to 2015, set forward 1 year for females, is used for healthy annuitants and a nonprescribed table is used for disability annuitants.
Interest Rate: 6.5% is used for both Plans.
Cost of Living Adjustments (COLAs): 4.25% is used for members hired prior to November 1, 1996. 3% is used for members hired on or after November 1, 1996.