Could the retirement age eligibility requirement for members of Pension Plus 2 change?
Yes. PA 92 addresses life expectancy and retirement age eligibility through the use of a 5-year experience study (a practice ORS has been already following). If an experience study shows that life expectancy has increased one full year since the last study (in other words, if people who fit the MPSERS member demographics are living one year longer on average), the MPSERS Board, in consultation with the actuary and the Department of Technology Management & Budget, may raise the regular retirement age by at least one year. Regular retirement age as of the beginning of the Pension Plus 2 plan on February 1, 2018 is set at 60 years of age.