PERS retirements triple

A change in benefit formula helps triple the number of PERS retirements in December.

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The number of retirements tripled in December compared to the past three Decembers, according to the state Public Employees Retirement System.

The increase is likely due to a change in the mortality tables used to calculate benefits.

That change, which took effect Friday, is expected to reduce monthly retirement benefits by about 2 percent, reflecting the actuarial assumption that retirees will live longer so benefits will be paid for a longer duration.

Many of the retirees actually will work through the remainder of the school year — a controversial practice known as “double-dipping.” As contract employees with the district, such workers collect two checks: one for their regular salary and one for their monthly retirement benefit.

Read the full story at the Statesman Journal.

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