United States - Actuarial Audit Services

Description

The Audit Bureau is seeking qualified actuarial firm(s) (contractor) to perform actuarial audits that will include three components:

Funding Valuation Component—an independent verification and analysis of the assumptions, procedures, and methods used by the WRS consulting actuary (Gabriel, Roeder, Smith and Company) for the active and retiree lives actuarial valuation of the WRS as of December 31, 2023 (valuation date). These valuations are used to establish contribution rates and determine the post-retirement annuity adjustment. This audit will involve the performance of a full replication of the calculation of the December 31, 2023 active and retired lives actuarial valuation. This component of the audit will also include an independent review of the three-year experience study for the period January 1, 2018, through December 31, 2020. The retired and active lives actuarial valuations, as of December 31, 2023, will be available in March 2024 and June 2024, respectively. The three-year experience study for the period January 1, 2018, through December 31, 2020, is currently available.
GASB Statement Numbers 67 and 68 Component for 2024—an independent assessment of the actuarial valuation as of December 31, 2023 (valuation date), and the roll-forward of these calculations to December 31, 2024 (measurement date), by the WRS consulting actuary to meet plan and employer reporting and disclosure requirements under GASB Statement Numbers 67 and 68. This audit will build upon the work completed for the Funding Valuation Component and assess whether the requirements of GASB Statement Numbers 67 and 68 were followed. The report calculating the December 31, 2023 total pension liability is expected to be available in August 2024, and the roll-forward report of the total pension liability to the December 31, 2024 measurement date, is anticipated in May 2025.
GASB Statement Numbers 67 and 68 Component for 2025—an independent assessment of the actuarial valuation as of December 31, 2024 (the valuation date), to December 31, 2025 (the measurement date), by the WRS consulting actuary to meet plan and employer reporting and disclosure requirements under GASB Statement Numbers 67 and 68. This audit will build upon the work completed for the Funding Valuation Component and the 2024 GASB Statement Numbers 67 and 68 Component and will consider any assumption changes based upon the next three-year experience study. The three-year experience study for the period January 1, 2021, through December 31, 2023, is anticipated to be approved by the ETF Board in December 2024. The report calculating the December 31, 2024 total pension liability is anticipated to be available in August 2025, and the roll-forward of the December 31, 2024 total pension liability to the December 31, 2025 measurement date is anticipated in May 2026.

Opportunity closing date

14 May 2024

Value of contract

to be confirmed