Specifications include, but are not limited to: The consultant will be required to prepare a separate actuarial valuation for the various NDPERS systems (Main, Judges, and Public Safety plans), the Highway Patrol retirement program, and the Job Service Retirement Plan at the end of each fiscal year. The retirement plans operate on a July 1 to June 30 fiscal year basis. At a minimum, the actuarial valuation must include and be based on the following: a. The applicable provisions of NDCC. b. The characteristics of covered active members, inactive non-retired participants, pensioners, and beneficiaries. c. The assets of the respective system. d. Economic actuarial assumptions regarding future salary increases and investment earnings as established by the Board. e. Actuarial assumptions regarding employee termination, retirement, disability, death, etc., as established by the applicable Board. f. The actuarial cost methodology to be used. g. The effects of state legislation in effect since the last valuation. h. The actuarial value of the investment is the market value less deferred appreciation (depreciation). The methodology adopted by the Board shall be utilized. i. A summary of investment results, including the effect of unrealized gains and losses for the last ten years, of the Fund. j. The actuarially determined employer contribution rate for state employees, as required by NDCC section 54-52-06(1)(a) (effective January 1, 2025).
