Specifications include, but are not limited to: The work to be performed on a regular basis under this contract will include: Perform annual actuarial valuation for retirement plans The valuation process must be completed as of June 30 of each year of the following plans: • PERS and TRS defined benefit plans and defined contribution plans, including a valuation of the PERS and TRS DCR Plans for the Occupational Death and Disability Plans and the Retiree Medical Plans. • Retiree Health Fund and the Retiree Health Care Trusts (PERS, TRS, and JRS) established in accordance with SB 141 to determine necessary adjustments in premiums to fund the health plans. The results must be included in the report of actuarial valuations of each plan. Upon issuing the annual valuations on the PERS and TRS defined benefit retirement plan, the Offeror will provide a report on the effect, if any, of the State’s Defined Contribution plan for PERS and TRS has and is expected to have on the funding of the PERS and TRS defined benefit retirement plan. In addition, upon completion of the June 30 PERS, TRS, and JRS actuarial valuation reports, the Offeror will calculate the amount of the PERS and TRS additional state contributions (on-behalf payment) and JRS past service costs to be paid by the State of Alaska above the statutory employer contributions rates set in Alaska Statute for PERS and TRS, and the amount representing past service costs for JRS. This must be completed by August 31 of each year. (An example is provided as Attachment 7 “State of Alaska FY21 Contribution Rate Allocation”). Perform biennial actuarial valuation for retirement plans The valuation process must be completed as of June every two years of the following plans: • JRS and NGNMRS Plans (an “update” or “roll-forward” of the prior valuation is performed in the off year) • EPORS Plan (this will be performed as per State’s request which usually is biennial) Perform annual actuarial projections of plans liabilities for each system These analyses are performed as part of the actuarial valuation to help the State evaluate expected long-term trends in the contribution requirements to help budget retirement expenses. It is also performed, as needed, to determine the long-term effect of substantial proposed legislation. These projections are done based on the next 25 years under three population change assumptions. This is combined with project assets to determine expected future funding levels and contribution requirements under each population assumption.