FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Segal Consulting’s Actuarial Valuation and Review, and related reports, as of June 30, 2023
RECOMMENDATION:
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Approve Segal Consulting’s Actuarial Valuation and Review, and related reports, as of June 30, 2023; approve employer and employee contribution rates commencing in July 2024.
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BACKGROUND:
SBCERA’s consulting actuary, Segal Consulting, prepared these reports in accordance with generally accepted actuarial principles and practices at the request of the Board to assist in administering the Plan. The census and financial information is provided by SBCERA staff. These reports are prepared annually.
Included within the Valuation and Review are the proposed employer and employee contribution rates, which would commence in July 2024.
Paul Angelo and Molly Calcagno from Segal Consulting, along with staff, will present the reports.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Actuarial Valuation and Review, and related reports, as of June 30, 2023
Exhibit B: Survivor Benefit Valuation, as of June 30, 2023
Exhibit C: GASB 67 Report