The Consultant shall perform an annual actuarial valuation of retirement benefits provided by the Massachusetts Port Authority for their employees under M.G.L. Chapter 32 and Section 20 of Chapter 487 of the Acts of 1978 as of January 1, 2026 and for each subsequent year of the Agreement. Included as part of the valuation will be the following: The Consultant shall meet each valuation cycle with the Board and staff to discuss actuarial assumptions, funding approach and data requirements. The Consultant shall prepare an actuarial valuation report that includes: the funding contribution requirement, management summary, actuarial results, age/service distribution requirements, GASB information required for Statement 67, demographic information, a summary of plan provisions, summary of actuarial assumptions and a glossary of terms. The Consultant shall also meet with the Board each valuation cycle to review the results in a detailed oral presentation.
