Actuarial Valuation and Review

An Actuarial Valuation and Review is an in-depth actuarial analysis of the pension fund.

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SBCERA contracts with an independent actuarial consulting firm, Segal Consulting, to perform an Actuarial Valuation and Review of the retirement plan every fiscal year. An Actuarial Valuation and Review is an in-depth actuarial analysis of the pension fund. It compares SBCERA’s existing funds and contribution levels against the total cost of current and future promised benefits (i.e. assets vs. liabilities). To project future assets and costs, various economic and non-economic assumptions are used based on trends such as salary levels, life expectancy, death rates, investment earnings, etc.

Actuarial Valuation & Review

The completed Actuarial Valuation & Review is generally presented to the Board of Retirement in November and establishes the following:

  • Employer and member contribution rates for the coming fiscal year.
  • The gap between the actuarial value of SBCERA’s assets and cost of current and future liabilities, called the Unfunded Actuarial Accrued Liability (UAAL).
  • The ratio of the actuarial value of assets to the actuarial accrued liability, i.e. the funding ratio or level.
  • Asset valuation method, which defines how market fluctuations affect the plan.

Actuarial Valuation & Review as of June 30, 2019

The information contained in the Actuarial Valuation and Review and Actuarial Experience and Assumption Studies has not been updated for developments subsequent to its issuance.

Historical Information Available for Download

Actuarial Valuation and Review as of June 30, 2018
Actuarial Valuation and Review as of June 30, 2017 
Actuarial Valuation and Review as of June 30, 2016
Actuarial Valuation and Review as of June 30, 2015
Actuarial Valuation and Review as of June 30, 2014

Actuarial Experience and Assumption Study

Segal Consulting completes an Actuarial Experience Study and Review of Economic Assumptions every three years. These reports are used to determine the economic and non-economic assumptions to be used in future Actuarial Valuation and Reviews.

2017 Actuarial Experience Study  (July 1, 2013 through June 30, 2016)

The Actuarial Valuation & Review is formatted as a PDF document. It is a very large document. If you do not have the Adobe Acrobat Reader, please download it.

Notification

Coronavirus Updates

Our office is currently closed to the public, but we're working and available to assist you. Pension payments are on schedule and we are processing retirements. Visit our coronavirus (COVID-19) resource page for more information.

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