Specifications include, but are not limited to: 1. The preparation of four annual actuarial valuation reports for SERS, JFSMCCRS and PJERS for the contract years. The SERS and JFSMCCRS valuations will be based on annual retirement system data for the fiscal years ending June 30, with final results reported to the Commission in November. The PJERS valuations will be based on annual retirement system data for the calendar years ending December 31, with final results reported to the Commission in June. In addition to the standard valuation detail, the SERS reports must include: a) a certification of the employer’s annual contribution to the State Employees Retirement Fund; b) the accounting and financial information required in accordance with all applicable GASB Statements, including, but not limited to, GASB Statement No. 25, 27, 50, 67, and 68 and the preparation of “Notes to Financial Statements” and “Supplemental Information” found in such applicable GASB Statements, which must be received by the Division by December 1st of each year; c) an actuarial surplus test as required in accordance with the provisions of Connecticut General Statutes, Section 5-162h(b); and (d) a detailed gain/loss analysis. In addition to the standard valuation detail, the JFSMCCRS and PJERS reports must include: a) a certification of the employer’s annual contribution to the Judges Retirement Fund and the Probate Judges and Employees Retirement Fund; b) the accounting and financial information required in accordance with all applicable GASB Statements, including, but not limited to, GASB Statement No. 25, 27, 50, 67, and 68 and the preparation of “Notes to Financial Statements” and “Supplemental Information” found in such applicable GASB Statements, which must be received by the Division by December 1st of each year; and (c) a detailed gain/loss analysis. 2. The preparation of one SERS, one JFSMCCRS and one PJERS experience study report during the contract period. Each report must include: a) an analysis of the economic and demographic experience of the retirement system over the defined study period; b) the development of a set of actuarial assumptions based on the study results, including a financial analysis of the proposed changes; and c) a review of the existing actuarial funding method and asset valuation method. 3. Attendance at up to a total of six (6) meetings per year with the Commission (or a Subcommittee thereof) to present relevant actuarial reports, experience studies and related findings in connection with the three retirement systems. 4. For budgeting purposes, the preparation each September of estimates of the employer’s SERS contributions for the next five fiscal years. 5. Special projects requested by the Commission to carry out the statutorily required actuarial duties. See C.G.S. § 5-156a(d).
