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Office of the State Actuary marks 50th anniversary, highlights in‑house services and workload
Summary
Deputy actuary Lisa Wan told the Select Committee on Pension Policy that the Office of the State Actuary, now about 19 FTEs, provides pension valuations, OPEB tools, risk analysis and cash‑flow projections for the State Investment Board and has a heavier workload this year on volunteer firefighter studies and a data migration.
Deputy actuary Lisa Wan presented the Office of the State Actuary’s annual update and noted the agency’s 50th anniversary. She described OSA as a small, nonpartisan legislative agency of about 19 full‑time staff and emphasized the office’s role as an independent, consistent source of actuarial analysis for state retirement plans.
"I'm Lisa Wan with the office of the State Actuary and I'm very happy to be here today to present the annual update of our office," Wan said, reviewing OSA’s history and the expansion of services such as pension valuations, actuarial fiscal notes, OPEB tools, risk analysis and cash‑flow projections for the State Investment Board. She told the committee OSA’s in‑house work can be cost‑effective compared with outside firms and that recent additions to the workload include work on the volunteer firefighters plan, migration of a technical data platform, and updates to meet federal accessibility standards for publications and websites.
Wan said OSA supports both legislative and executive branch clients and produces the actuarial inputs used to set contribution requirements and measure funded status. Committee members thanked OSA for its service and asked no substantive follow‑ups during the presentation. Wan closed by offering to provide additional materials on the office’s performance measures and tools as requested.
