Human Resources has received Retirement Services Division Memorandum 2019-03 announcing a change in the actuarial factors used when calculating the SERS pension payment options with survivor benefits, such as the 50% or 100% spouse benefit. Please note that this change does not impact the Alternate Retirement Program (ARP).
Human Resources has already communicated directly with upcoming SERS retirees impacted by this change. However, the Memorandum also directs State agencies to notify SERS members who are at or near retirement of the changes.
Therefore, if you are a SERS member contemplating retirement in the next few months and anticipate selecting a payment option that leaves survivor benefits, you will want to consider how this change impacts you. The Memorandum includes links to the current and new Option Factors to assist with this comparison.
For more information, contact: Human Resources at hr@uconn.edu or (860) 486-3034