Specifications include, but are not limited to: The Contractor shall perform an actuarial review of the teacher and general state employee groups for both the legacy and hybrid pension plans (the “Plans”) of the System to determine whether they are being funded on an adequate basis using actuarial assumptions and methods that are reasonable, consistent and meet generally accepted actuarial principles, and, with respect to actuarial matters, whether the Plans are in compliance with State law and the policy of the Board of Trustees. Such review shall include the validation of the June 30, 2019 actuarial results, including the contribution rate, System assets and liabilities and the System’s funding status for the teacher and general state employee classifications. An audit of small groups within these classifications with nonstandard or grandfathered formulas shall not be included in the review. Pertinent information for these small groups shall be provided to the Contractor by the System’s Actuary for application in completing the review. The Contractor shall also conduct a review of the major economic assumptions (earnings, cost-of-living increases and salary) to determine whether the assumptions are reasonable and consistent. The Contractor’s review and assessment shall be based upon data, actuarial procedures and results of the June 30, 2019 valuation and shall pertain to the System’s plan provisions in effect on June 30, 2019. The audit shall not include an examination of underlying census data, a gain and loss analysis, or a review of the previous years’ valuations.