An Actuarial Valuation is an in-depth actuarial analysis of the pension fund. ERSRI contracts with an independent actuarial consulting firm to perform an Actuarial Valuation of the retirement plan every fiscal year.
Each report describes the current actuarial condition of ERSRI, determines recommended employer contribution rates, and analyzes changes in these contribution rates. Valuations are prepared annually, as of June 30th, the last day of the ERSRI plan year. The Board’s current policy is that the contribution rates determined by a given actuarial valuation become effective two years after the valuation date. For example, the rates determined by this June 30, 2020 actuarial valuation will be applicable for the year beginning July 1, 2022 and ending June 30,2023.
Separate valuation reports are prepared for ERSRI (State Employees and Teachers), the Municipal Employees’ Retirement System, the State Police Retirement Benefits Trust, State Police Retirement Fund Trust, the Judicial Retirement Benefits Trust, and the Teachers’ Survivor Benefits Plan, although assets for these other programs are commingled for investment purposes.
Click on the links below to be directed to current and historical valuation reports for each plan.