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ERS board hires actuarial firm for experience study
Summary
Trustees approved contracting with Gabriel, Rocher Smith and Company to conduct an experience study of actuarial assumptions, a routine review the board typically conducts about every five years.
The Oklahoma City Employee Retirement System approved hiring Gabriel, Rocher Smith and Company to perform an experience study analyzing the system's actuarial assumptions.
The chair noted these reviews are typically performed about every five years and said the board had discussed moving forward with the study at a prior meeting. "We usually do these about every 5 years, so we're definitely due for another study," the chair said during discussion of Item 14a.
Trustees moved and seconded the motion to retain the actuarial firm; the motion carried with a recorded approval. The study will analyze demographic and financial experience data and inform any recommended changes to actuarial assumptions used to calculate liabilities and employer contribution rates.
The trustees did not set a public deadline in the meeting transcript for the study's completion; staff will provide further schedule and scope details in the vendor engagement documents.
