Florida Administrative Code › 60 - DEPARTMENT OF MANAGEMENT SERVICES › 60T - Division of Retirement - Local Retirement › Chapter 60T-1 - LOCAL RETIREMENT SYSTEMS › Section 60T-1.003 - Actuarial Reports

Current through Reg. 50, No. 138; July 16, 2024
(1) Each plan
				sponsor shall on its own or through the administrator or trustees of the plan
				have an actuarial report prepared for each of its defined benefit retirement
				plans or systems by an enrolled actuary at least every three (3) years
				commencing from the date of the last actuarial report of the plan or system on
				October 1, 1980, if no actuarial report has been issued within the three year
				period prior to October 1, 1979. In addition, actuarial cost determinations
				recommending the contribution amount, rate or other basis applicable to periods
				for which an actuarial valuation has not been specifically prepared are to be
				also provided to the Division within 60 days of receipt by the plan
				administrator. No actuarial report is required for defined contribution
				retirement plans or systems. However, the plan sponsor of each defined
				contribution plan shall provide such information and financial statements, as
				are necessary to gather, catalog, and maintain complete information on all
				public employee retirement systems to the Division upon its request.
(2) The results of each actuarial report
				shall be filed with the plan administrator within 60 days after completion and
				certification by the actuary and made available for inspection upon request.
				Also, the system or plan shall provide a copy of each actuarial report to the
				Division within 60 days of receipt from the actuary.
(3) Actuarial reports shall contain all data
				required by Section  112.63(1),
				F.S., which consist of the following:
(a) The
				values of the present assets, based on market value and "statement value":
Cash
Bonds
Stocks
Other (specify)
Disclose the derivation of the actuarial asset value used in
				  determining the annual funding requirement.
(b) A plan to amortize any unfunded liability
				pursuant to Section  112.64, F.S.
(c) A schedule illustrating the amortization
				of unfunded liabilities as they exist on the date of the valuation, on an
				annual basis for the three years immediately following the current valuation
				date and the final year of the amortization schedule must be disclosed, as well
				as a statement as to how the method was derived.
(d) A description of actions taken by the
				governmental entity to reduce the unfunded liability, especially those taken
				since the last actuarial report.
(e) A description and explanation of all
				actuarial assumptions.
(f) A
				comparative review illustrating the rates of salary increases granted and
				investment return realized over the three-year period preceding the current
				actuarial report with the assumptions used. The actual salary increase rate may
				be determined for the period between the immediately preceding actuarial
				valuation date and the current valuation date; however, such rate shall be
				shown on an annualized basis. Rate of actual salary increases shall be
				determined by using the aggregate of actual salary increases granted, excluding
				new entrants and terminations. Investment return rates shall be determined for
				each year and reported on a consistent basis for each year in the three-year
				period. There should also be an explanation of how the investment return rate
				was determined.
(g) A statement by
				the enrolled actuary, in the form of a certification signed and dated by the
				actuary, as follows:
Statement by Enrolled Actuary "This actuarial valuation
				  and/or cost determination was prepared and completed by me or under my direct
				  supervision, and I acknowledge responsibility for the results. To the best of
				  my knowledge, the results are complete and accurate, and in my opinion, the
				  techniques and assumptions used are reasonable and meet the requirements and
				  intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or
				  expense to be provided by the plan and/or paid from the plan's assets for which
				  liabilities or current costs have not been established or otherwise taken into
				  account in the valuation. All known events or trends which may require a
				  material increase in plan costs or required contribution rates have been taken
				  into account in the valuation."
_____________________
Signature
_____________________
Date
_____________________
Enrollment Number