Specifications include, but are not limited to: The actuarial consulting services required by the System fall into the following categories: 1. Regular Services: a. Attendance by the ACTUARY at meetings of the Board of Trustees to present the annual actuarial report and upon request for special reports. b. Meetings and routine consultations with the Pension Administrator upon request. c. Preparation and presentation of the annual actuarial report for nine (9) plans. d. Preparation of information required by the System’s auditors for preparation of the System’s annual report by the last day of August. e. Advising the Board with regard to proposed or actual changes that might impact the System arising from legislation (State and Federal) or changes in accounting rules. f. Preparation of information required by the System’s auditors for preparation of any GASB statements that are required. 2. Special Services: Special services consist of those services that do not occur on an annual basis and those services for which the need may vary greatly from year to year. a. Examples: Cost studies of proposed legislation, appearances at legislative committee hearings, and in-depth analysis of actuarial assumptions as needed b. Other Post-Employment Benefits (“OPEB”): preparation and presentation of the annual OPEB actuarial report calculation of actuarial liabilities and associated normal costs. c. Actuarial Audit Services: A firm, other than the firm selected as the consulting Actuary, will perform a comprehensive review of the actuarial assumptions and methodology for reasonableness. The review will also include an audit of the most recent actuarial valuation results. d. Separate Fees: All Fees should be separated and presented as outlined in Section III(A)(4)(l-o), below.
