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American Academy of Actuaries Letter to Missouri State Retirement Board on Terminated-Vested Member Buyout Program (PDF)
American Academy of Actuaries [Opinion] Oct. 24, 2017
"We appreciate the need to manage the cost of [Missouri State Employees' Retirement System (MOSERS)], and recognize that offering members lump sums that are lower than the present value of their annuity benefits has the potential to benefit both the system and the members. We are concerned, however, that MOSERS members may not understand that the methodology used under the buyout program results in lump sums that are substantially lower than would be needed to purchase the forsaken annuity benefits in the private market."
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