Actuarial Audit Services

The Vendor is required to provide information about your firm’s ability to perform an actuarial audit of the current actuarial consultant for the Plan.
- Attempting to identify an actuary that has the ability to provide Actuarial Auditing services.
- Providers have strong credentials, be in good financial standing, and be an enrolled actuary.
- The audit will review the most recent annual valuation and experience study for the Plan to express an opinion and assure that the results presented are sound and reasonable. 
- The Board requests that the bid be on a fixed fee basis.
- Reviewing the Actuarial Valuation Report:
•    Liabilities, assets, contributions, actuarial assumptions and methods look reasonable compared to the prior valuation.
•    Projections – generally reviewed for reasonability and comments provided regarding conclusions drawn from these projections.
•    Review the premium development method used (retiree health valuation).
- Reviewing sample test lives for actives, inactive members, and retirees (this will verify that benefits are modeled correctly).