What is the name of your state? CA
My wife retired from CA-PERS 14 yrs ago and began drawing ~$500/mn. We separated 11 yrs ago and are finally settling the financial matters through a MSA dissolution. An actuary identified the present value of the PERS account, and I have no issue with that value nor the discounting and COLA assumptions used. However, he has me living longer than my wife and is reducing my share by what I will receive today with what I will be paid from the account after she dies.
According to the National Vital Statistics Reports, Vol. 54, No. 14, April 19, 2006, Tables 8 & 9; www.cdc.gov/nchs/data/nvsr/nvsr54/nvsr54_14.pdf, in the "Expectation of Life at Age x" column shows a 62 yr old black female will outlive a 63 yr old black male by 4.5 yrs. Does this mean that there is zero expectation of survivorship in a PERs retirement annuity for the male survivor, if the female employee retires with survivorship? What role does the health of either partner play in this calculation and what method is that health identified, in order to adjust the tabular data in an equitable manner? How do I effectively challenge the actuary's assumptions?
Frank
My wife retired from CA-PERS 14 yrs ago and began drawing ~$500/mn. We separated 11 yrs ago and are finally settling the financial matters through a MSA dissolution. An actuary identified the present value of the PERS account, and I have no issue with that value nor the discounting and COLA assumptions used. However, he has me living longer than my wife and is reducing my share by what I will receive today with what I will be paid from the account after she dies.
According to the National Vital Statistics Reports, Vol. 54, No. 14, April 19, 2006, Tables 8 & 9; www.cdc.gov/nchs/data/nvsr/nvsr54/nvsr54_14.pdf, in the "Expectation of Life at Age x" column shows a 62 yr old black female will outlive a 63 yr old black male by 4.5 yrs. Does this mean that there is zero expectation of survivorship in a PERs retirement annuity for the male survivor, if the female employee retires with survivorship? What role does the health of either partner play in this calculation and what method is that health identified, in order to adjust the tabular data in an equitable manner? How do I effectively challenge the actuary's assumptions?
Frank