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Consultant urges five-year actuarial experience study; boards accept engagement
Summary
GRS Consulting recommended a five-year experience study to validate actuarial assumptions for Jacksonville Beach's three pension plans; trustees approved the quoted engagements and will review results at the May meeting.
GRS Consulting told Jacksonville Beach pension trustees on Feb. 25 that a five-year actuarial experience study would help validate assumptions used to value the city's three retirement plans and guard against drift from funding targets.
Brad Armstrong, representing GRS Consulting, said the Government Finance Officers Association recommends periodic experience studies and that the Division of Retirement periodically requests them to align plan assumptions with actual experience. "We haven't done an experience study in a number of years," Armstrong said, adding that the study would analyze six years of data to cover a five-year period.
Armstrong listed areas the study would examine:…
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