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Office of Program Policy Analysis and Government Accountability

Actuarial Review of the July 1, 2013 Actuarial Valuation of the Florida Retirement System, Report No. 14-FRS, July 2014
 
Full report in PDF format


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, 2013 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.

Which Government Program Summaries contain related information?

Retirement Benefits Administration

What other OPPAGA-related materials are available?

  • Report No. 13-FRS Actuarial Review of the July 1, 2012 Actuarial Valuation of the Florida Retirement System,published in August 2013.
  • Report No. 12-09 Program Review: Florida Retirement System Pension Plan Valuation Met Standards,published in July 2012.
  • Report No. 11-17 Florida Retirement System Pension Plan Valuation Met Standards,published in May 2011.
  • Report No. 10-46 Florida Retirement System Pension Plan Valuation Met Standards,published in June 2010.
  • Report No. 09-24 Florida Retirement System Pension Plan Valuation Met Standards,published in April 2009.
  • Report No. 08-30 Program Review: Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard,published in April 2008.
  • Report No. 07-24 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard,published in April 2007.
  • Report No. 06-38 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standard,published in April 2006.
  • Report No. 05-25 Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards,published in April 2005.
  • Report No. 04-70 Multi-Year Projections of Retirement System Funding Should Be Provided to the Legislature,published in October 2004.
  • Report No. 04-13 Program Review of the Florida Retirement System Pension Plan Fully Funded and Valuation Met Standards,published in February 2004.

Copies of this report in print or alternate accessible format may be obtained by telephone (850/488-0021), by FAX (850/487-9213), in person, or by mail (OPPAGA Report Production, Claude Pepper Building, Room 312, 111 W. Madison St., Tallahassee, FL 32399-1475).
e-mail address: oppaga@oppaga.fl.gov


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