Specifications include, but are not limited to: provide actuarial review services to the ARMB. AlaskaStatute (AS) 37.10.220(a)(9) states that the ARMB shall review actuarial assumptions prepared and certified by amember of the American Academy of Actuaries and conduct experience analyses of the retirement systems notless than once every four years, except for health cost assumptions, which shall be reviewed annually; and thatthe results of all actuarial assumptions prepared shall be reviewed and certified by a second member of theAmerican Academy of Actuaries before presentation to the board. The ACTUARY shall review the process andprocedures used by the Primary Actuary (currently Buck) in the development of the annual actuarial valuationsfor PERS, PERS DCR, TRS and TRS DCR, the bi-annual valuations for JRS and NGNMRS, and the actuarialexperience study conducted every four years for the retirement systems. The actuarial valuation reportsprepared by the Primary Actuary are used to set individual employer contribution rates and affects otherbudgetary considerations and investment policies. The experience study is used to validate the assumptionsused in the valuation. The results of these studies are used to validate the assumptions used in the valuations.The results of these studies directly affect the cost to employers of over 110,000 active and inactive members.The subject studies must have recognized credibility.
