Office of Program Policy Analysis and Government Accountability
Office of Program Policy Analysis and Government Accountability

Actuarial Review of the July 1, 2012 Actuarial Valuation of the Florida Retirement System

Report 13-FRS, August 2013




Report Summary

Section 112.658, Florida Statutes, directs OPPAGA to employ an independent consulting actuary to review the annual actuarial valuation of the Florida Retirement System (FRS) Pension Plan to determine whether it complies with provisions of the Florida Protection of Public Employee Retirement Benefits Act. To complete the review, OPPAGA contracted with Gabriel Roeder Smith & Company (GRS).

  • GRS reported that the system actuary, Milliman, used actuarial assumptions and methods that generally develop appropriate actuarial values for the FRS.
  • GRS replicated key financial results of the July 1, 2012 Actuarial Valuation and found no material differences in the valuation results.
  • GRS commented on differences with Milliman regarding the non-traditional treatment of DROP, 4% payroll growth assumption, assumed inactive healthy mortality rates, and use of the ultimate or replacement variation of the entry-age-normal actuarial cost method.


Related Reports
  1. Actuarial Review of the July 1, 2013 Actuarial Valuation of the Florida Retirement System
    Report 14-FRS July 2014
  2. Florida Retirement System Pension Plan Valuation Met Standards
    Report 12-09 July 2012
  3. Florida Retirement System Pension Plan Valuation Met Standards
    Report 11-17 May 2011
  4. Florida Retirement System Pension Plan Valuation Met Standards
    Report 10-46 June 2010
Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.
Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.
Florida Retirement System, FRS, actuarial valuation, actuary, DROP, funding ratio, unfunded liability, experience study, assumptions, investment returns, surplus, system assets, defined benefit, contribution rate