Actuarial valuations are technical reports providing full disclosure of the financial and funding status of public retirement systems administered by the Department of Retirement Systems. Valuations for odd-numbered years are also used to set contribution rates for the ensuing biennium. For those valuations, the Pension Funding Council oversees an actuarial audit of the results by an outside actuary. OSA also performs valuations for other programs, such as the Volunteer Fire Fighters’ and Reserve Officers’ Relief and Pension Fund (VFF), the Guaranteed Education Tuition Program (GET), and Other Postemployment Benefits (OPEB). For more information on these programs, see the
Additional Services webpage. The
California Research Bureau (CRB) provides a plain language primer that summarizes and explains the actuarial methods and practices used by OSA when preparing the annual actuarial valuations.
Here is a link to the report PDF. |