Retirement Board Actuarial Audit Services

The Vendor is required to provide for an independent actuary, other than the fund’s retained actuary, to express an opinion regarding the reasonableness and or accuracy of valuation results, data used in valuation process, actuarial assumptions, and application of the actuarial cost method in connection with the 2024 actuarial valuation.
- The audit will be conducted as a level two audit and will evaluate the most recent annual valuation to provide an opinion on the soundness and reasonableness of the results. 
- This assessment will involve reviewing and commenting on the appropriateness of the valuation methods, assumptions, certifications, and conclusions of the consulting actuary.
- Determining whether the actuarial methods, considerations, and analyses utilized by the fund’s actuary in the most recent actuarial valuation are technically sound and adhere to the standards of practice as promulgated by the board.
- A thorough review and analysis of the valuation results, including an assessment of the data for reasonableness and consistency, as well as an examination of mathematical calculations for completeness and accuracy.
- Confirmation that all relevant benefits have been accurately valued; ensuring that the data provided by the system aligns with the data used by the fund’s actuary.
- Evaluating the actuarial cost method and the actuarial asset valuation method currently in use and assessing whether alternative methods would be more suitable for the fund’s actuary.
- Verifying the reasonableness of the calculation of the unfunded actuarial accrued liability and the amortization period.

- Questions/Inquires Deadline: September 5, 2025