1. Actuarial Valuations(Valuations) shall be performed each fiscal year (July 1 – June 30). Draft reports for these Valuations shall be delivered to PSERS no later than November 25th with final Valuation results in a presentation format (with conclusionary data) due at least two weeks prior to the December Board meeting in accordance with dates established by the CFO in their capacity as Board Liaison. A final Valuation in report format is due by January 31st. PSERS will provide the Offeror with such direction, materials, information, comments, data and access to its representatives as the Offeror reasonably requests and will do so promptly and within timeframes as reasonably requested by the Offeror. 2. When the Experience Study is performed, if it results in the adoption of any assumption which differs from those used for the prior Valuation, the Offeror shall produce valuation results using both the old and new assumptions. 3. The Offeror shall use the same actuarial assumptions that were used for the prior valuation until an Experience Study is performed. If analysis of the current data during the performance of the valuations indicates any material variations from those assumptions, the Offeror shall be expected to discuss the variations in the valuation report and present an estimate of the effect on the normal cost and/or on the unfunded actuarial accrued liability. 4. Valuation reports for the System shall also produce any standard actuarial disclosures required by the Governmental Accounting Standards Board (GASB) Statements 67 and 68 or other actuarial disclosures needed for proper actuarial and financial presentation in the PSERS’s ACFR. 5. The Offeror shall determine the annual employer contribution rate resulting from each actuarial valuations including the various components of normal rate, unfunded accrued liability rate, Health Care Program contribution rate and the contribution rate for the DC Plan...
