Proposal to Provide Actuarial Services

Transcription

1 Fresno County Employees Retirement Association (FCERA) Source: sanjoseinfo.org Source: wikipedia creative commons Proposal to Provide Actuarial Services November 2, 2016 Fresno Paul Angelo, FSA, MAAA, FCA, EA Molly Calcagno, ASA Alfred Wang, ASA, MAAA, EA v3 Copyright 2016 by The Segal Group, Inc. All rights reserved.

2 Today s presentation Segal s FCERA Team Segal s Distinguishing Features California Public Retirement Experience Public Sector Commitment and Leadership Why Segal Questions and Discussion 2

3 Segal s Retirement Team Principal Actuary Supervising Actuary Reviewing/ Assistant Actuaries Senior Actuarial Analysts Paul Angelo, FSA, MAAA, FCA, EA Andy Yeung, ASA, MAAA, FCA, EA Eva Yum, FSA, MAAA, FCIA, EA Alfred Wang, ASA, MAAA, EA Statewide reputation as communicator Has serviced Fresno County ERA since 2007 Front line action: City of Fresno (2 Plans) Orange County ERS Strategic advisor Has serviced Fresno County ERA since 2007 Front line action: City of Fresno (2 Plans) over 20 years' experience Orange County ERS Alameda County ERA Day-to-day contact and Final Reviewer Valuation experience: San Diego County ERA Contra Costa County ERA Molly Calcagno, ASA Valuation experience: Fresno County ERA City of Fresno (2 Plans) Valuation experience: Ventura County ERA Orange County ERS Additional Support James Cassidy Other actuarial analysts in Segal s San Francisco office Compliance consultant as needed 3

4 Segal s Distinguishing Features Extensive experience with public sector retirement systems Principal and Supervising Actuaries long-term experience with Fresno County Employees Retirement Association Fresno City Retirement Systems (Employees and Fire & Police) 1937 Act County systems: valuation actuary for 12 systems, including Orange County Employees Retirement System (OCERS) Demonstrated capacity to meet and exceed deadlines and deliverables while serving multiple clients Superior communication skills of principal actuary Frequent speaker at SACRS, CALAPRS, NASRA and NCPERS meetings and workshops Bring these skills to our clients through presentations at meetings Commitment to public sector pension systems Financial Economics ( MVL ) and DB vs DC controversies GASB Taskforce, CCA Public Plans Community founding chair, California Actuarial Advisory Panel and the Committee on Retirement and Benefits Administration of the Government Finance Officers Association (GFOA CORBA) Model funding policies based on Segal s work with California systems 4

5 California Public Retirement Experience Examples of recent projects: Fresno County Employees Retirement Association Actuarial Valuation and Review as of June 30, 2015 Review of Economic and Demographic Assumptions for June 30, 2016 Valuation City of Fresno Retirement Systems: both Employees and Fire & Police Actuarial Valuation, Experience Analysis Orange County Employees Retirement System Employer Contribution Equity Policy (for Diminishing Employers ) Recent audits of other 1937 CERL retirement systems: Los Angeles CERA Retained Audit Actuary San Mateo CERA Stanislaus CERA 5

6 California Public Retirement Experience (cont d) New tier studies for various systems Cost analysis of new benefit formulas for systems affected by California Public Employees Pension Reform Act of 2013 Los Angeles Water & Power Tier 2 study including 30-year projection of cost savings LACERS new Tier 3 study In response to adverse ruling on Tier 2 New GASB financial reporting information Statement 67 pension plan financial reporting for numerous systems Statement 68 employer financial reporting Coordinating with plan staff and auditor, employer auditor and other parties Funding policy design and review Asset smoothing studies in 2009 Recent reviews of UAAL amortization policies, reflecting emerging guidance 6

7 Public Sector Commitment and Leadership Industry leader on emerging issues Funding policies and practices GASB changes to financial reporting Financial Economics, MVL and LDI State and national actuarial organizations Founding chair of the Public Plans Committee of the Conference of Consulting Actuaries California Actuarial Advisory Panel GASB Statements 67/68 development and implementation Member of GASB Postemployment Benefits Accounting and Financial Reporting Task Force Development of financial reporting information Frequent speaker at SACRS and CALAPRS meetings and workshops CALAPRS new trustees course at Stanford (now Pepperdine) CALAPRS advanced trustees course at UCLA 7

8 Why Segal? Extensive experience with public retirement plans Demonstrated local capacity and responsiveness Independence and stability California public sector specialists Commitment to public sector Proven communicators 8

9 Questions and Discussion Paul Angelo, FSA, MAAA, FCA, EA SVP and Actuary Molly Calcagno, ASA Assistant Actuary Alfred Wang, ASA, MAAA, EA Senior Actuarial Analyst