Includes “While the GFOA has long supported actuarial valuations to assist in funding public pension plans, this BP (Best Practice) also advises state and local government pension plans to obtain additional information to enhance the reliability of their actuarial valuations and maintain plan funded levels and sustainability. More specifically, the GFOA recommends that pension plan fiduciaries take appropriate steps, including: 1) Ensuring that all the information provided to the actuary is accurate and up to date, including census data and any changes to plan provisions and plan administrative procedures; and 2) Engaging the actuary to perform additional services to validate the actuarial assumptions used in the valuation or help with risk management strategies and forecasting future trends. ….”
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