The actuarial firm selected will provide services including, but not limited to: A. Annual Actuarial Valuation 1. Prepare the annual valuation of the Plan, including funded status, contribution requirements, and actuarially determined employer contribution (ADEC). 2. Certify City and employee contribution requirements for compliance with the City Charter. 3. Provide reports in formats suitable for the BERS Board, City Council, and auditors. B. Experience Studies and Assumptions 1. Perform periodic (typically every 3–5 years) experience studies to review demographic and economic assumptions. 2. Recommend updates to actuarial assumptions (mortality, retirement, termination, disability, salary increases, COLA, inflation, etc.). 3. Support the Board in setting the assumed rate of return and funding policy. C. GASB Reporting and Financial Statement Support 1. Provide information and disclosures required under GASB 67/68 and 74/75. 2. Work with auditors to ensure compliance and transparency. D. Special Studies and Projections 1. Perform actuarial projections of funded ratio, liabilities, and contribution requirements under alternative scenarios (e.g., plan changes, investment return scenarios). 2. Provide actuarial impact analyses for proposed benefit changes or labor negotiations. 3. Assist with asset/liability studies in coordination with the City’s investment advisor. E. Board Support and Consultation 1. Attend regular meetings of the BERS Board to present results and answer questions. 2. Provide fiduciary education to Board members on actuarial concepts. 3. Prepare analysis on specific issues (e.g., pension obligation bonds, benefit adjustments, funding policy alternatives)...
