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Actuary previews valuation schedule and new contribution-rate calculations
Summary
Michael Harbour of the Office of the State Actuary told the committee an OSA overview will be presented in May and that June will include an actuarial valuation with newly calculated contribution rates reflecting updated demographic assumptions.
For the record, Michael Harbour, actuary for the Office of the State Actuary, told the committee to expect a May overview by the deputy state actuary and a June presentation of an actuarial valuation that will include newly calculated contribution rates.
Harbour said the June results are "notable because the results...will capture the impacts of the updating of assumptions from the demographic experience study that we finished last year." He and his colleagues (including Sarah Baker or the deputy actuary) will be available to support committee discussions on valuation outcomes and rate-setting.
Members thanked Harbour and noted the valuation results will be important inputs if litigation or other developments require adjustments to contribution-rate recommendations.
