The completed audit and review report will include (at a minimum): a) An evaluation and an opinion on the reasonableness and accuracy of the valuation results (including a determination of actuarial accrued liability, normal cost, and actuarially determined contributions), experience study findings, actuarial assumptions, and appropriateness and application of the actuarial cost method. b) Recommendations (if any) for reasonable alternatives to the actuarial assumptions used in the June 30, 2025 Actuarial Valuation. c) Recommendations to improve the quality and understanding of the Actuarial Valuation report. d) A comparison of existing actuarial methodology, assumptions and recommendations versus information generated by the replication audit of the Actuarial Valuation. e) Staff requires that the actuarial audit and related scope of work noted above would be completed and presented to the LAFPP Board no later than May 2026.
