Actuarial Audits and Additional Actuarial Services

The Vendor is required to provide to conduct (1) an actuarial audit of the demographic experience study, and (2) a biennial actuarial audit of the valuations, with a review of recent changes to the funding methods, if any.
- A determination of whether the actuarial methods, considerations and analyses used by agency in preparing the most recent demographic experience study are technically sound and conform to the appropriate standards of practice as promulgated by the actuarial standards board.
• An in-depth review and analysis of the demographic experience study results, including an evaluation of the data used for reasonableness and consistency as well as a review of mathematical calculations for completeness and accuracy.
• A review of the assumptions produced as a result of the study and verification of the reasonableness of those assumptions as used in the systems and plans. - This determination will include:
• An in-depth review and analysis of the valuation results, including an evaluation of the data used for reasonableness and consistency as well as a review of mathematical calculations for completeness and accuracy.
• Verification that all appropriate benefits have been valued and valued accurately.
• Verification that the data provided by the system is consistent with data used by OSA.
• Evaluation of the actuarial cost method and actuarial asset valuation method in use and whether other methods would be more reasonable.
• Verification of the reasonableness of the calculation of the unfunded actuarial accrued liability and the amortization period.
• A full replication of the most recent actuarial valuations.
- Contract Period/Term: 4 years
- Optional Pre-Bid Conference (on-line) Date: April 11, 2025
- Questions/Inquires Deadline: May 12, 2025