Annually, the Board’s consulting actuary will perform an actuarial valuation for funding purposes. Actuarial valuations provide a summary of the funded status of ERS. These valuations are produced by actuarial consultants hired by the Board.
At least every five years the Board’s consulting actuary will perform an Experience Study and Assumption Review. The actuary will present recommendations to the Board for review and options for changes to the actuarial assumptions may be approved or rejected by the Board. The actuarial assumptions are adopted by the Board to align the funding of the Plan with the actual demographic and economic experience, thus providing stability to the Plan over time.