Said section 1 of said chapter 32, as so appearing, is hereby further amended by striking the definition of “Actuarial equivalent” and inserting in place thereof the following definition: -“Actuarial equivalent”, any benefit of equal value when computed upon the basis of a mortality table to be selected by the actuary and an interest rate determined by the actuary.
Summary: This section amends the definition of “actuarial equivalent” to allow the PERAC Actuary to adopt a mortality table and an interest rate. Section 336 requires the Actuary to adopt the mortality table within 180 days of the effective date of the act.