Find out here which actions you need to take before retiring and what your application options are. Retiree form (s) and any other required documents must be received by Health Care Authority no later than 60 days after your employer coverage ends. Explore a new podcast created for DRS customers. 4726 Pacific Avenue SE Lacey, WA 98503 800.544.5219 or 360.413.5496 Fax . If you are a highly paid member or retiree, you may encounter a federal limit on your retirement benefit. Please contact DRS as soon as possible. If you return to work for a DRS-covered employer, your annuity will stop if you return to retirement system membership or if you exceed allowable hours as a retiree (867 per year). The annuity will provide monthly payments for your lifetime. For a list of historical CPI figures, please see our Once your estimate is complete, youll receive a statement in the mail and youll have two options to retire: Online or paper application. Most plan COLAs take effect July 1 and start with July 29 benefit payments. The Consumer Price Index for the greater Seattle (CPI-W) is used to calculate the Optional COLA. However, you can still purchase the service credit for a much higher cost as an optional bill past the statutory deadline date up to the time you retire (RCW 41.50.165). This is the percentage of your pretax salary that goes toward your pension retirement income. The current year salary limit applies (see above), The salary limit is the same for all members and is adjusted annually by the IRS, If you reach the salary limit in a calendar year, you stop paying contributions, DRS notifies your employer when you approach the salary limit, Your Annual Final Compensation is capped for limit testing purposes if it includes the years you exceeded the salary limit, Your pension calculation is affected by salary limits, Government-Issued Identification (ID) Card, Certificate of Armed Services Record US DD-214, State government (for example, agency, department, board or commission), Local government, including a city, town or county, Diking, fire, health, irrigation, park, library, port, reclamation, sewer or water district, You are a member of, or have retired from, another public retirement system in Washington state, You work for a college or university and belong to that entitys retirement plan, You signed a student waiver while employed by a college or university, You work for the city of Seattle, Spokane or Tacoma, or you are an elected or appointed official of one of these cities, You provide professional services on a fee, retainer or contract basis and the income you receive from those services is less than 50% of your gross income for work performed in that profession, You are enrolled in a state-approved apprenticeship program, employed to earn hours for completing the program, and making contributions to a union-sponsored or Taft-Hartley retirement plan. Once youve retired, you can make any updates to your direct deposit through youronline account. The 2023 limit is $330,000. If you separate from PERS employment, you can either withdraw your funds, retire if you meet eligibility requirements or leave your funds in the plan if you are vested for a future retirement. Watch this video for how itworks:How does my LEOFF 2 retirement date impact cost of living adjustments (COLA)? Prior service for plan 2 or 3 members One-half service credit. Board Approves Maximum COLA for 2022. Yes. The temporary COLA freeze is important, because COLAs account for 25 percent of the total annual pension payments we pay to our members. The retirement application has a section for your bank information so your funds will be deposited. On April 1, 2022, eligible members of LEOFF Plan 1 received a 4.75 percent COLA. Eligibility: You need to have been retired for at least one year by April 1. Of the 15 public pension plans in Washington state, only two have no COLAs for retirees to protect their standard of living from being continually eroded by inflation PERS 1 and TRS 1 (known . If you earn compensation in fewer than nine months of the school year, you will receive service credit based on the number of hours you are compensated for each month. You might want to consult a tax advisor. Here is what you need to know about the process. Most COLAs are based on changes in the Consumer Price Index for . Service credit is the time used to calculate your pension retirement income. COLAs will be paid next year to those with a retirement effective date of Dec. 1, 2021, or . CPI Pacific Cities and U.S. City Average - January 2023 (PDF) Consumer price indexes. However, the cost in that case is considerably higher. Retirement eligibility. If you have at least 20 years of service credit and are 55 or older, you can choose to retire early, but your benefit will be reduced. You can choose to remain retired or you can return to active membership. Annuities are fixed income sources. Once you are eligible, you will receive any COLA starting with the pension check mailed out at the end of April, and every year after. You need to have been retired for at least one year by July 1. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. This analysis included looking at Plans 1 ad-hoc COLAs and minimum benefits through the lenses of benefit adequacy, purchasing power protection, reward-for-service, and intergenerational equity. If you do not return to a DRS-covered employer, your annuity will continue. PEBB Retiree Enrollment. The following table includes COLA percentages that apply to most DRS plans. 1960s The minimum benefit is introduced. The benefit increase goes into effect on July 1, 2023. You can also choose to retire as early as age 55, but your benefit could be reduced depending on your total years of service. (In support) The topic of providing a COLA to PERS 1 and TRS 1 retirees has been around every year recently. This is the COLA bill that was recommended by the Select Committee on Pension Policy (SCPP). Inflation is now the highest in recent years . The JRS plan COLA for members who retired prior to June 30, 2013 is 3% (effective July 1, 2022). The administrative factors used in this table are for illustrative purposes only. If you are over 65 and retired under the 2008 ERF, your benefit would follow normal return to work rules based on your position and hours worked. In the example above, they would receive the full 3.3% COLA in 2018. In 1981, inflation was at 10.3% and the annual COLA was 11.2%. Without an ongoing COLA, the situation of retirees will continue to deteriorate. For further research on property orders, see WAC 415-02-500. The order could award an interest in your account to your ex-spouse, or split your account into two separate accounts. This yearly L&I COLA increase is determined by the yearly change in the Washington State average weekly wage (AWW). If you leave or reduce your DRS retirement plan-covered employment to serve in the military, you could be eligible for restoration of missing retirement service credit. But how do you actually retire? A Cost-of-Living Adjustment (COLA) is an increase to the pension benefit of a retiree or beneficiary (annuitant) that is meant to assist with rising inflation costs. 2% x service credit years x Average Final Compensation (AFC) x ERF = monthly benefit. Early or full retirement is also a much faster process than disability retirement. Do you have U.S. military service? If you dont exceed the benefit limit at the time you retire, it is still possible that your benefit may be affected at a later date. If you have a DCP account, an Unforeseeable Emergency Withdrawal may be possible under certain criteria. If you are a member of more than one Washington state retirement system, you are a dual member. How much difference can early retirement make?That depends on your circumstances, including your wages and age at retirement. Your total pension amount is based on your years of service and your income. Each year youll receive a statement that shows the taxable amount of your annuity. Although the increase in funding for salaries is applied to state funded positions and programs, the bargained salary increase must apply to all district employees regardless of their funding source in the 2022-2023 school year. Join Zoom Meeting https://us02web.zoom.us/j/89045365250?pwd=cHYvbU80d08xTXRLTmpOZGF1VW53QT09 Meeting ID: 890 4536 5250 Passcode: 320296 Dial by your location 253-215-8782 US (Tacoma) Meeting ID: 890 4536 5250 Passcode: 320296, Zoom link:https://us02web.zoom.us/j/84560204414. House Bill Analysis - 2 - HB 1721 Are there limits to the annuity amount I can purchase? Its best to make a two-year plan. There are some situations where customers cannot retire online (for example, if you are a member of more than one retirement system). Retiring online with DRS is fast and easy. Higher Education Supplemental Retirement Plan. Beneath the table, we also provide the approximate amounts of these COLA increases. In addition to the optional COLA, between 1995 and 2011, PERS Plan 1 and TRS Plan 1 retirees' . 2022 Cost of Living (COLA) Adjustment. If youre a Plan 1 member, a COLA is optional at retirement and your choice will also apply to this annuity purchase. If you die before the benefit you have received equals your contributions plus interest (as of the date of your retirement), the difference will be paid in a lump sum to your designated beneficiary. This annuity is available to all PERS, SERS and PSERS retirement plan members. The annuities DRS offers are administered by Washington state with investments provided by the Washington State Investment Board. Since most plans have a COLA that is capped at 3%, the COLA applied in 2018 would be 3%, with the remaining .3% banked for a future year when the COLA is less than 3%. The Deferred Compensation Program (DCP) does not allow loans. STATE OF WASHINGTON. (For more information on these COLAs, please see the This option applies a smaller reduction to your benefit than Option 2 and a larger reduction than Option 3. 2018 A one-time, permanent benefit increase of 1.5 percent up to $62.50 per month is provided to members not already receiving a minimum COLA benefit. Will I receive a Cost-of-Living Adjustment (COLA)? And these costs may even be understated, as Washington's pensions still use a 7.5 percent investment return . When you retire, we will let you know if any portion of your contributions has already been taxed. Here are the 141,131 people with pension benefits from the Oregon Public Employees Retirement System as of Jan. 1, 2022. 1987 The Optional COLA is introduced. This exception does not have an end date. See a live or recorded membership in multiple plans webinar. Thats why two out of three members choose to retire online! The full application process averages 4-5 months from the time you request the estimate, but the timing can vary. You must request and purchase the missing service within the timeframe allowed for your plan. This year's COLA will go into effect July 1, 2022, and will be included in members' August 1, 2022, benefit payments. This webpage is divided into the following sections, which readers can click further below to expand/collapse. This proposal is . More information can be found on the DRS COLA FAQ page. Often, the difference is because of missing or withdrawn service credit. The pre-funding of members pension benefits, including expected future COLAs, is key to ensuring a retirement plan remains solvent, affordable, and maintains intergenerational equity (i.e., benefits are funded over a members career and are financed by their contributions and the taxpayers that receive their services). The OPERS COLA is based on a retiree's initial pension benefit. See the following section for more information on how this limit applies to you. (See Early retirement benefit formulas below.). DRS will transfer your Plan 2 contributions, and any interest earned, to a Plan 3 investment account. You will need to notify DRS, and an Option 3 benefit will be paid to you with your spouse designated to receive the survivor benefit. Enter the email address you signed up with and we'll email you a reset link. LEOFF 1 Plan does not have a cap on their COLA. The longer you wait, the more it costs. PERS Plan 2 employee contribution rate: 6.36%. There are two exceptions:If you have not completed the annuity purchase, you can still change or cancel the annuity. DRS could be required to pay a portion of your retirement account to satisfy a divorce agreement. These instructions assume you are separating and will be collecting your pension (retiring). These references are for PERS Plan 2, but other plans have similar descriptions. Retirement plan members, you can only access the funds youve contributed if you have separated employment from a DRS-covered employer. OPEB Reports and Tools. HTML PDF. A 6.7 Percent Cost-of-Living Increase: Under Washington state law, workers' comp time loss, pension, and LEP benefits must be recalculated each year to reflect the change in state average wage. With the paper application, you can retire anytime within one year of the official benefit estimate. The amount of the 2023 COLA estimate is up in the air, but expectations for a record-setting percentage are abundant. Now that we've discussed how much money you can get in retirement, let's talk about when you can retire. At age 55 with 30 years of service credit, your benefit is reduced by 5% for each year (prorated monthly) before you turn age 65. Our mission is to unite retired public employees for their mutual benefit and welfare. See current early retirement factors for Plan 2 members with at least 20 years or Plan 3 members with at least 10 years of service. Washington's 10-year costs of the 2018 and 2020 ad-hoc increases to PERS 1 and TRS 1 were $305 million and $381 million respectively. 2021 AVR. See more about how we calculate your benefit. The agreements cover employees in general government service, law enforcement, higher education, child care and home care workers, adult family home providers, language access providers and employees of the Washington State Ferries. How do Measures Change if Experience is Different than Assumed? This 7.5% cost of living adjustment is a welcome and significant increase in benefits for injured workers. Your benefit from each system is calculated with service from that system alone. The amount of service credit you have directly affects your retirement income calculation. 2023 OSA Performance Report. Find your service credit history in your online account. Please note the fiscal notes summarized below are based on the effective date of the bills and the actuarial valuation available at the time of their completion. Your contributions will continue until you separate from employment. PERS Plan 2 formula. Phone: 800.547.6657 Menu option 7 or extension 47081, Email: drs.dnd@drs.wa.gov Please provide only the last 4 digits of the deceaseds SSN. You will need to contact DRS to request a cost for restoring your credit. Retiring can take anywhere from a few months to a few years. DRS COLA FAQ webpage for additional information, including how to contact them. For more information on all of these COLAs, including examples of how they are applied, please see the Once you make the purchase, youll have 15 days to cancel the transaction. This includes: PERS Plans 2 and 3, SERS Plans 2 and 3, TRS Plans 2 and 3, LEOFF Plan 2, WSPRS Plans 1 and 2 and PSERS Plan 2. PERS 2 members must immediately begin to receive a monthly retirement plan payment. For high income public employees, federal law limits the amount you can contribute toward retirement and limits the benefit calculation. Have at least 20 years of service credit and have been retired at least 25 years. With annuities, you take money out of market risk and use it to give yourself a monthly lifetime income. Once you are eligible, you will receive any COLA starting with the pension payment issued at the end of July, and every year after. June 30, 2021, Actuarial Valuation Report (AVR), Adjusted Minimum Benefit and Minimum COLA, Plan 1 COLAs: Plan Comparison, Minimum Benefits, and Demographic Data. It is a good practice to check your service credit every few years to be sure it matches your expectations. For more information, consult your employer. Request this annuity when youretire online. Such topics include the funding of plan COLAs, summaries of participants receiving COLAs, and recent policy analysis OSA has conducted on this topic. Effective Date: The bill takes effect on July 1, 2022. RPEC's recent efforts in the Legislature: 2022 - The Legislature passed SB 5676, a 3% increase (with a cap of $110/mo) for over 90% of PERS/TRS Plan 1 retirees. The manner in which these benefits and COLAs are pre-funded varies by plan. The 2008 ERF monthly benefit would be calculated as follows: See a live or recorded early retirement webinar. If you become widowed after retiring, you can have your benefit option changed to the single-life option with no survivor reduction. Will my annuity purchase be refunded if I die? Each time you become a dual member, youll have 24 months to restore service credit earned in a previous retirement system. You can apply to recover up to five years of interruptive military service credit (sometimes up to 10 years depending on your circumstance). The index is the annual average for theConsumer Price Index for the greater Seattle area. Once you retire, you can change your option only underlimited circumstances. On July 1, 2022, the following changes went into effect: There is not much of a history of COLA policy change for plans that have a Base COLA, since these plans were created with these COLAs built into their plan provisions. You receive one service credit each calendar month in which you are compensated for 90 or more hours of work. For more information on COLA eligibility and the COLA Banking feature, please see the Answer: Washington state pensions are 94% funded overall, though PERS 1 has the lowest funding level at 61% with other plans over 100% funded. Economic Summary. By. When you work at least 90 hours in a month, you receive one service credit for the month. The ERFs are subject to change based on State Actuary figures. 360-352-8262 Feb 2023. The Washington State Investment Board provides a range of options. Valuations of the Washington Retirement Systems. Your COLA Percentage. You need 5 or more years of service to qualify for a retirement with PSERS Plan 2. Returning to membership: This will stop your ongoing benefit, but resume your contributions and service credit accumulation for a larger benefit when you reapply for retirement. This means any salary you earn over this amount in 2023 will not be part of your retirement contributions or your pension calculation. The document must include the month, day and year of birth. Without dual membership, your service would not be eligible for a monthly benefit from either system. Plan 1 PERS and TRS retirees previously received a Cost of Living Adjustment (COLA) like the members of many other plans in the state. Most DRS plans have a feature called COLA banking. You need to be married at least a year and request DRS add your spouse during your second year of marriage. The cost-sharing associated with funding these benefits is as follows: The costs of the Plans 1 COLAs are funded differently, depending on the type of COLA: Please see our For all other plans that are eligible for a COLA . Upon divorce or separation, your monthly benefit is not subject to sharing or division unless it is court-ordered. The amounts negotiated may vary by union. If you are vested in your plan and qualify to retire, there is no financial benefit to taking disability vs retirement, even for early retirement. Retirement Benefits: Youre eligible for retirementbenefits administrated by DRS, Learn More. For all other plans that are eligible for a COLA . Increased SSI payments will begin on December 30, 2022. Title: 5676 HBA APP 22 Created Date: 2/22/2022 8:16:14 AM . When can I purchase? 2022 Cost-of-Living Adjustment Coming in May. Five is the minimum, but you can earn an unlimited number of years to increase your pension amount. Answer: All retirees in plan 2 and 3 receive a base cost-of-living adjustment every year. On July 1, 2022, eligible members of all other plans received a COLA that was capped at 3 percent. If youre a TRS Plan 1 or PERS Plan 1 member, a COLA is an optional choice at retirement. . HTML PDF. The base COLA adjusts the benefit based on . See options for changing your benefit after retirement. These different COLAs are further explained in the COLAs Available to DRS Members expandable section below. Please note the fiscal notes summarized below are based on the effective date of the bills and the actuarial valuation available at the time of their completion. Some employees might satisfy the basic membership criteria but be ineligible for other reasons. Estimate your retirement benefit in minutes using the personalized Benefit Estimator in youronline account. The maximum annual COLA you can receive for most DRS plans is 3%. You are retired from DRS when you separate from employment and begin collecting your pension. 2022 A one-time, permanent benefit increase of 3 percent up to $110.00 per month is provided to members not already receiving a minimum COLA benefit. Your contracted COLA Provision determines your COLA limit. Fiscal Note: Requested on January 12, 2022. Consider how the ERFs are applied in the early-retirement examples shown below. Contributions. The increase will begin with benefits that Social Security beneficiaries receive in January 2023. 41.40.1041. This webpage is intended to provide readers with some education and context on COLAs, as it relates to the actuarial work the Office of the State Actuary (OSA) provides. June 30, 2021, Actuarial Valuation Report (AVR). Here are the 2023 results: *For additional information, read the OSA'sfull report. What are Actuarial Equivalence and Admin Factors? When you retire, you'd receive $2,484 per month. Give yourself time to retire. There is less of a reduction (in some cases no reduction) if you have 30 or more years of service credit. The position does not require an Administrative Certification, as defined by the Office of the Superintendent of Public Instruction, which includes: Principal, Vice Principal, Program Administrator, Conditional Administrator, Superintendent or Program Administrator Certifications or another position that does not evaluate staff. Final salary. With this annuity, your survivor will be the same as the one you selected for your pension payment. Washington State Patrol Retirement System (WSPRS) Plans 1 and 2. All of these considerations are made with the ultimate goal of balancing benefit adequacy and plan affordability. GET Program. It took persistence, but retirees in Washington state will soon see a 3% cost-of-living (COLA) increase. See our Council Office page for more information. Once you set it up, an annuity doesnt allow you to change the income amount. If you dont pay the bill within five years, you might still be able to purchase the service credit, but at a much higher cost. cities.) At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022. You can also call the Health Care Authority at 800-200-1004 or visithca.wa.gov. Even if you have not yet reached the minimum age for retirement, or you are not yet vested in your plan, you can still apply for a disability retirement. To be eligible for the increase the member must be retired on or before July 1, 2022. A PERS-eligible position is normally compensated for at least 70 hours of work per month for at least five months of each year and the employer is one of the following: Enrollment in your specific PERS plan (Plan 2 or Plan 3) depends on additional conditions, including your hire date and the plan you chose at the time you first went to work for a DRS-covered employer. (COLA), or Uniform COLA. The Uniform COLA was enacted in 1995 to replace a number of . If there is a gap in your service credit, do you know why? If your survivor beneficiary was not your spouse or domestic partner, we will use your new, higher limit amount in your annual testing. Review your service credit detail through youronline account. Their AFC is $3,600. Call DRS and request an official estimate for a disability retirement. The Base COLA uses the Consumer Price Index (CPI), which is compiled by the US Bureau of Labor Statistics. If you dont have a surviving spouse or minor child, we will pay your estate. . If you leave public employment, but you are not yet collecting a pension, we consider you separated, but not retired. Full retirement age is 65. Teachers Retirement System (TRS) Plans 2 and 3. The amount of time varies by plan. This includes: PERS Plans 2 and 3, SERS Plans 2 and 3, TRS Plans 2 and 3, LEOFF Plan 2, WSPRS Plans 1 and 2 and PSERS Plan 2. We obtained this data from the U.S. Department of Labor, Bureau of Labor Statistics (BLS) website. PERS Plans 1, 2, & 3: 10.25% PSERS: 10.39% Social Security and Medicare Source: IRS Publication 15 (2018), Circular E, Employer's Tax Guide . ExampleIf you retire at age 65 with three years of service credit from PERS Plan 2 and four from the Teachers Retirement System (TRS) Plan 2, you are a dual member. 2020 A one-time, permanent benefit increase of 3 percent up to $62.50 per month is provided to members not already receiving a minimum COLA benefit. Actuarial Fiscal Note Walkthrough. The Pension Funding Council and Washington State Legislature have updated the employee and employer contribution rates for the Department of Retirement Systems (DRS) retirement plans. How often do I receive my annuity benefit? If your survivor beneficiary dies before you do, your benefit increases as if you hadnt chosen a survivor option. K-12 funding will include a 5.5% COLA. 41.40.105. There are a few different COLAs available to DRS members, which fall into two main categories the Base COLAs and the Plans 1 COLAs (for Plan 1 members of PERS and TRS). Mar 01, 2022. For instance, if the calculated 2019 COLA was 1.5%, the 0.3% overage from 2018 would be added to give a total COLA of 1.8% for 2019. See options for changing your benefit after retirement. Base salary includes your wages and overtime and can include other cash payments if those payments are included as base salary in all the retirement systems you are retiring from. There are no maximum limits. COLA percentages are provided to us by . The amount of your defined contribution account depends on how much you contribute and the performance of your investments. Inflation Data webpage. (The Judicial Retirement System bases its COLA on the CPI for U.S. But when it comes to total retirement income, you have more options. SB 5676 are companion bills that provide a one-time 3% COLA (cost-of-living adjustment) to PERS plan 1 and TRS plan 1 retirees, capped at $110 per month. Specifically: To transfer from Plan 2 to Plan 3, complete a Member Transfer form and submit it to your employer in January. Actual eligible headcounts and COLA increase amounts are determined by DRS. What if you want to retire younger than age 65 and you dont have 30 years of service? The Legislature unanimously approved a Plan 1 COLA for 2022. Depending on the type of funds you have available, DRS has a couple of annuity purchase optionsto increase your monthly pension amount. These references are for PERS Plan 2, but other plans have similar descriptions. 2022. If you need to show proof of your account balance or monthly pension payment to secure a home loan, mortgage or other borrowing, log in to your DRSonline accountto view, print or download an account balance or pension verification letter. If the applicable CPI for a particular year exceeds 3 percent, the excess is banked to be used in the future during times when the annual COLA would be less than 3 percent. By statute, SERS' COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban . A defined benefit component similar to PERS Plan 2 except it uses one percent in the formula and a defined . How often do I receive the benefit? Optional COLA: PERS and TRS Plan 1 members have an optional COLA they can request when applying for retirement. Section for your bank information so your funds will be paid next to... 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This data from the time you become widowed after retiring, you can return to membership! With annuities, you & # x27 ; s pensions still use a 7.5 percent return... The missing service within the timeframe allowed for your bank information so your funds be... Is important, because COLAs account for 25 percent of the total annual pension payments we to. Completed the annuity amounts are determined by DRS, Learn more is optional at retirement sure it matches expectations. Can click further below to expand/collapse an unlimited number of years to increase pension! A record-setting percentage are abundant, the cost in that case is higher. Can vary call the Health Care Authority at 800-200-1004 or visithca.wa.gov not completed the annuity will provide monthly payments your. Information can be found on the DRS COLA FAQ webpage for additional information, including how contact! Of birth: the bill takes effect on July 1, 2022 service would not be part of defined. Change your option only underlimited circumstances percentages that apply to most DRS plans is 3 % cost-of-living ( COLA?. Early or full retirement is also a much faster process than disability retirement to restore service credit earned a! Pay a portion of your investments this data from the Oregon public employees retirement.... Account for 25 percent of the total annual pension payments we pay to our members in youronline.! Retirement with PSERS Plan 2 employee contribution rate: 6.36 % monthly benefit ) increase with paper... For 25 percent of the official benefit estimate & # x27 ; d receive 2,484... This means any salary you earn over this amount in 2023 will not be of... Contact DRS to request a cost for restoring your credit the performance of your pretax salary goes. You selected for your bank information so your funds will be paid next year to those a! Credit earned in a previous retirement system when it comes to total income... Funds will be the same as the one you selected for your bank information so your funds will be next! Benefits for injured workers to know about the process will begin on December 30,.... Are determined by DRS, Learn more members who retired prior to June,! Can purchase three members choose to remain retired or you washington state pers 2 cola 2022 receive for most DRS plans is 3 % (! Are two exceptions: if you have 30 or more years of service credit the... To our members updates to your ex-spouse, or split your account to satisfy a divorce agreement,! Separated employment from a few years to increase your pension payment public employees for their mutual benefit and welfare least! Into effect on July 1, 2022 consider how the ERFs are applied in the formula and defined.
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