Common use of ACTUARIAL DETERMINATION Clause in Contracts

ACTUARIAL DETERMINATION. The actuarial assumptions used in devising this retirement buy-out are charted in summary form below. Initial interest 4% Eventual interest 7% Assumed retirement age 56 Bachelor’s base salary $27,697 Salary inflation rate 2.5% Years of service excluded 5 Recent hires annual amount allowance $200 Annual sick day accruals 3 Mortality and termination assumptions Included FICA Retained on participants’ payments only Each teacher will have an opportunity to confirm the accuracy of the underlying information used to calculate the value of his or her retirement pay and bridge buy-out contribution.