Conduct a biennial actuarial audit of preliminary and final actuarial valuations prepared by the Office of the State Actuary (OSA), used for employer and member rate-setting purposes, with a review of recent changes to the funding methods, if any; • Conduct an actuarial audit of the demographic experience study prepared by the OSA; and • Provide actuarial support upon request by the Pension Funding Council or the LEOFF 2 Board. The audits to be performed by the Contractor will examine the actuarial work performed by OSA to assure the Pension Funding Council that the methodology is appropriate, and the contribution rates are calculated in accordance with all applicable statutes, policies, and actuarial standards of practice. The audits will also be expected to identify opportunities for improvement to achieve greater value and understanding from the actuarial services performed. The valuation and demographic experience study audits will assist the PFC to perform its statutory responsibilities in adopting pension contribution rates and plan assumptions.
