San Bernardino County Employees Retirement Association
File #: 24-426    Name:
Type: Action Item
File created: 10/22/2024 In control: BOARD OF RETIREMENT
On agenda: 11/7/2024 Final action: 11/7/2024
Title: Approve Segal Consulting's Actuarial Valuation and Review, and related reports, as of June 30, 2024; approve employer and employee contribution rates commencing in July 2025.
Attachments: 1. Exhibit A: Actuarial Valuation and Review, and related reports, as of June 30, 2024, 2. Exhibit B: Survivor Benefit Valuation, as of June 30, 2024, 3. Exhibit C: GASB 67 Report

 

FROM:                                            Amy McInerny, Chief Financial Officer

 

SUBJECT:                                            Segal Consulting’s Actuarial Valuation and Review, and related reports, as of June 30, 2024

 

RECOMMENDATION:

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Approve Segal Consulting’s Actuarial Valuation and Review, and related reports, as of June 30, 2024; approve employer and employee contribution rates commencing in July 2025. 

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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 2025. 

 

Todd Tauzer 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, 2024

Exhibit B:                     Survivor Benefit Valuation, as of June 30, 2024

Exhibit C:                     GASB 67 Report