The Retirement System’s financial objective is to accumulate the assets necessary to pay the promised benefits in an orderly manner. To accomplish this, contribution rates are established in a manner designed to keep those rates approximately level as a percentage of payroll or as a level dollar amount from year to year.
To determine an appropriate employer contribution level for the ensuing year and to gauge how the System’s funding is meeting this fundamental objective, an independent firm of actuaries and employee benefit consultants conducts annual actuarial valuations.
These valuations are based on the System’s past experience, information about current participation and financial markets, and assumptions concerning the System’s future demographic and economic activity.
An annual public meeting is conducted each year to present the actuarial findings to the Retirement System Board of Trustees.
The Retirement System's current actuary is