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PENINSULA AIRPORT COMMISSION
NOTES TO REQUIRED SUPPLEMENTAL INFORMATION
YEAR ENDED JUNE 30, 2024
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Changes of Benefit Terms: There have been no actuarially material changes to the System benefit provisions
since the prior actuarial valuation.
Changes of Assumptions: The actuarial assumptions used in the June 30, 2022 valuation were based on the
results of an actuarial experience study for the period from July 1, 2016, through June 30, 2020, except the change
in the discount rate, which was based on VRS Board action effective as of July 1, 2019. Changes to the actuarial
assumptions as a result of the experience study and VRS Board action are as follows:
Updated the mortality table to PUB 2010 public sector. For future mortality improvements, replaced the
load with a modified Mortality Improvement Scale SP-2020. Increased disability life expectancy for
hazardous duty employees.
Adjusted retirement rates for general employees to better fit experience for Plan 1, set separate rates
based on experience for Plan 2 and Hybrid, and changed the final retirement age. Hazardous duty
retirement rates were adjusted to better fit experience and changed final retirement from 65 to 70.
Adjusted withdrawal rates for general employees to better fit experience at each year age and service
through nine years of service. Reduced withdrawal rates for hazardous duty employees and changed
from rates based on age and service to rates based on service only to better fit experience and to be
more consistent with Locals Largest 10 hazardous duty.
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