Actuarial Consulting Services

The Vendor is required to provide for actuarial consulting services.
- An Actuarial Certification of the Annual Actuarial Valuation Results.
- Summaries of Membership Data – Schedules separately summarizing the aggregate number of active members (split between vested and non-vested), annual covered salaries, number of retirees and beneficiaries, benefits paid, members’ average age and number of vested former members by system.
- Employer Contribution Rates – The annual valuation report shall separately disclose the State Pool portion of employer contribution rates attributable to each of the individual systems and to the State as a whole expressed as a percentage of covered payroll and split between the normal cost and the unfunded actuarial liability.
- Actuarial Assumptions, Procedures, and Funding Method used for each of the individual Systems.
- Certified Employer Contribution Rates – the Contractor shall certify the employer contribution rates (expressed as a percentage of covered payroll) applicable to each individual system within the Municipal pool based upon the actual fiscal year end valuation results
- Schedules of Funding Deficits and Surpluses by individual system for each governmental unit participating in the Municipal Pool.
- Summaries of Membership Data – Schedules separately summarizing the aggregate number of active members (split between vested and non-vested), annual covered salaries, number of retirees and beneficiaries, benefits paid, members’ average age and number of vested former members for the Municipal Pool.
- Detailed Membership Statistics for active members, retirees and beneficiaries, and inactive/vested members.
- Shall reconcile such factors used in the development of alternative preliminary valuations to data control totals provided by the Agency to ensure consistent data treatment.