Specifications include, but are not limited to: A. General Duties. 1. Load and reconcile Plan data. JFRS staff will furnish the Actuary with all data and statistical information deemed necessary to perform the specified contract services. Data will be provided in a form agreed upon by JFRS and the Actuary. 2. Treat all member information as confidential. The Actuary is expected to keep all member and annuitant information confidential. 3. Seek written consent prior to public release of information. With respect to any publication or information regarding the actuarial services provided under the terms of a resulting contract, the Actuary shall identify JFRS as the sponsoring agency and shall not release any information without prior approval of the Executive Director, or appointed designee. This information includes, but is not limited to, press releases, research and reports. 4. Communicate directly to the Executive Director (or appointed designee). JFRS expects the Actuary to route all requests, reports and all other communication in connection with the contract through the Executive Director, or appointed designee. 5. Document discussion ideas, issues, and manage extended services. Share responsibility with JFRS for documenting in writing all ideas and issues that arise in discussions and meetings. The Actuary must review, approve and sign all price quotations for extended services, final reports, correspondence regarding actuarial assumptions and other technical issues. B. Valuation Services. 1. To perform an actuarial valuation of JRP as of July 1, 2024, to determine the present value of pension benefits in compliance with various Statements of the Governmental Accounting Standards Board. The valuation must be completed by September 30, 2024. 2. To perform an actuarial valuation of JRP as of July 1, 2025, to determine actuarial soundness and funding requirements for the fiscal biennium 2026-2028 as required by the Kentucky Revised Statutes (KRS), and to determine the present value of pension benefits in compliance with various Statements of the Governmental Accounting Standards Board. The valuation must be completed by September 30, 2025
