Actuarial Audit (Defined Benefit pension Plans)—January 2020
Actuarial Audit (Defined Benefit Pension Plans)
Released January 2020
Download the audit report here
Section 6-314 of the city charter requires the Audit Committee to engage a licensed actuary to conduct an actuarial experience review of the City's General Employee Pension Fund, Firefighter Pension Fund, and Police Pension Fund with the costs to be paid by the corresponding pension fund. We contracted with Deloitte to conduct the audit.
Released January 2020
Download the audit report here
Section 6-314 of the city charter requires the Audit Committee to engage a licensed actuary to conduct an actuarial experience review of the City's General Employee Pension Fund, Firefighter Pension Fund, and Police Pension Fund with the costs to be paid by the corresponding pension fund. We contracted with Deloitte to conduct the audit.
Deloitte found:
- In Deloitte's opinion as an independent actuary, the July 1, 2017 actuarial valuations and the experience studies as of June 30, 2016 for the GE Fund and July 1, 2011 for the Firefighters' Fund and Police Officers' Fund were generally performed in compliance with the applicable ASOPs issued by the Actuarial Standards Board; although, some additional disclosures should be provided to fully comply with the Standards.
- Additionally, they were able to match the results of the actuarial valuations within a reasonable range, using the same data, assumptions, methods and provisions disclosed by the retained actuaries.
- They did have concerns about the quality of the data provided by the City to the actuary and the inconsistency of methods and assumptions, and related support for the assumptions, between the three funds.