The ACRS is a Massachusetts Retirement System created and governed by Chapter 32 of the Massachusetts General Laws, and is overseen by PERAC. The ACRS has a total membership of 692 as of 12/31/2024 including 297 active members, 122 inactive members, and 273 retirees or survivors. The System is directed by 5 board members and employs 2 staff members. The Governmental Accounting Standards Board requires a valuation be performed at least every two years for financial reporting purposes and PERAC recognizes a private valuation as meeting the requirements in MGL Chapter 32 § 21(3), provided that PERAC staff has the opportunity to work with the private consultant. The scope of services shall include but are not limited to, preparing an actuarial valuation of the system on a two-year schedule beginning with system data as of January 1, 2026 and will include: • Establishment of reasonable actuarial assumptions, • Assistance with the preparation of membership data for the evaluation, • Analysis of membership data, • Determination of the funded position of the system with costs and liabilities separated by department or entity, • Assessment of the need for refinements to the funding program, • Preparation of reporting and disclosure information as required by the Governmental Accounting Standards Board for audited financial statements, governmental agencies and other interested parties, • Preparation of a written actuarial report with a recommended funding schedule(s) in accordance with Sections 22D and 103 of MGL Chapter 32, • Discussion of the funding schedule with PERAC, • Preparation of a written Supplemental Report incorporating an alternative salary increase assumption, investment return assumption, and special funding schedules, and, • Preparation of a written Side Letter analyzing the impact of Section 19 of Chapter 188 of the Acts of 2010 (COLA) on the System’s funding schedule. • Periodic attendance at board meetings
