FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Approve updates to Actuary and Audit Policy No. 001 (Actuarial Audit)
RECOMMENDATION:
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Approve and adopt updates to Actuary and Audit Policy No. 001 (Actuarial Audit).
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BACKGROUND:
Actuary and Audit Policy No. 001 involves the audit of the valuation and experience study and indicates that the Board shall audit the reports every five years. Additionally, an audit shall be performed if there is a new actuary.
Actuary and Audit Policy No. 001 (Actuarial Audit) was last reviewed in 2022.
Pursuant to General Policy No. 005, staff has conducted a review of Actuary and Audit Policy No. 001, and has found it both generally consistent with current practice and appropriate for SBCERA's program. Staff is therefore recommending renewal of Actuary and Audit Policy No. 001 without substantive change.
COMMITTEE REVIEW:
This item was reviewed by the Audit Committee at its March 20, 2025 meeting, and recommends Board approval with a 3-0 vote.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Actuary and Audit Policy No. 001 (Actuarial Audit) - Redline