Actuarial Audit Services

The vendor is required to provide to engage the services of a firm as the “audit actuary,” to perform an actuarial audit of the June 30, 2025 actuarial valuation. 
- Discuss the appropriateness, reasonableness and internal consistency of the actuarial assumptions and methods.
- The contractor will not conduct a full replication of the experience study.
• Evaluate accuracy of funding computations.
• Evaluate appropriateness of recommended employer and member contribution rates, including the survivor benefit.
• Evaluate the actuarial asset methods.
• Assess the validity of the June 30, 2025 valuations using a mathematical model of plan activity including a full replication based on the same data, methods, and assumptions used by company.
• Evaluate the test results and reconcile any significant discrepancies between the findings, assumptions, methodology, rates, and adjustments of the proposer and company.
• Assess whether the valuation appropriately reflects the information required to be disclosed under required reporting standards (GASB, etc.).
• Review all related reports attached to the valuation (GASB 67 and 74).
• Evaluate the handling of salary increases, length of service pay or rip 2.0 that are temporarily classified as “non-pensionable.”
• Evaluate employer contribution “true-up” process, if applicable. 
• An evaluation and an opinion on the reasonableness and accuracy of the valuation results (including a determination of actuarial accrued liability, normal cost, and actuarially determined contributions), experience study findings, actuarial assumptions, and appropriateness and application of the actuarial cost method.
• Recommendations (if any) for reasonable alternatives to the actuarial assumptions used in the June 30, 2025 actuarial valuation.
• Recommendations to improve the quality and understanding of the actuarial valuation report.
• A comparison of existing actuarial methodology, assumptions and recommendations versus information generated by the replication audit of the actuarial valuation.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: July 14, 2025