PEORPPublic Employee Optional Retirement Program
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Upon introduction of the PEORP, the above-mentioned employee would be given the choice to transfer the [B.sub.0] = $10,005 into the DC plan, thus earning a rate of return of [micro] on the initial transfer and all future contributions.
If this employee decides to participate in the PEORP and move his ABO to the DC plan, his retirement wealth will be [C.sub.24] = $565,474, in a [mu] = 12% environment.
(1) For future employees--i.e., those not in the plan at the time the PEORP was initiated--the buy-back price will be the accumulated actuarial liability (AAL).