Actuarial Valuation Reports

Beginning in 2014, two actuarial valuations for each MSRS defined benefit retirement fund are performed annually: a traditional funding actuarial valuation and the new, financial reporting actuarial valuation. Prior to 2014 only the funding actuarial valuations were required.

The purpose of the traditional funding actuarial valuation is to measure funded progress, and to determine the required contribution rate, contribution sufficiency or deficiency, and other actuarial information necessary for monitoring funding progress.

The purpose of the financial reporting actuarial valuation is to comply with Governmental Accounting and Standards Board (GASB) Statements No. 67 and 68 by actuarially determining the information necessary to prepare financial reports, including the computation of net pension liability and pension expense.  State and local governmental employers participating in one of the MSRS defined benefit retirement plans are required to recognize their share of the net pension liability and pension expense in their financial statements.