Common use of ACTUARIAL STANDARDS, TRANSPARENCY AND DISCLOSURE Clause in Contracts

ACTUARIAL STANDARDS, TRANSPARENCY AND DISCLOSURE. The City and Trust agree that the assumed annual actuarial rate of return should remain at 7.0% through the term of the 2014 Agreement, defined below, unless otherwise agreed by the City and JPFPF based on sound actuarial practices, or as otherwise required by applicable law. An actuarial valuation of the JPFPF shall be performed by the JPFPF actuary annually, as of October 1 of each fiscal year. The annual actuarial valuations shall be completed and delivered as expeditiously as possible to the Board of Trustees, the Financial Advisory and Investment Committee, the City’s Director of Finance and to the City Council Auditor promptly upon completion but in any event the JPFPF shall complete and deliver such analyses and reports no later than 120 days after the end of each fiscal year, provided the City has responded promptly to requests made by the JPFPF for information from the City that is necessary for the preparation of such valuations. A. Actuarial analysis and reporting by the JPFPF will utilize the following standards in addition to other standards governing its work: 1. Annual ARC calculations based on most recent actuarial assumptions; 2. Alternative funding scenarios based on variable investment performance in addition to the base case, that extend to future years and incorporate volatility; 3. The latest “experience studies” prepared by the JPFPF actuary; 4. Consistency in actuarial methods;

ACTUARIAL STANDARDS, TRANSPARENCY AND DISCLOSURE. The City and Trust JPFPF agree that the assumed annual actuarial rate of return should remain at 7.0% through the term of the 2014 2015 Agreement, defined below, unless otherwise agreed by the City and JPFPF based on sound actuarial practices, or as otherwise required by applicable law. An actuarial valuation of the JPFPF shall be performed by the JPFPF actuary annually, as of October 1 of each fiscal year. The annual actuarial valuations shall be completed and delivered as expeditiously as possible to the Board of Trustees, the Financial Advisory and Investment Committee, the City’s Director of Finance and to the City Council Auditor promptly upon completion but in any event the JPFPF shall complete and deliver such analyses and reports no later than 120 days after the end of each fiscal year, provided the City has responded promptly to requests made by the JPFPF for information from the City that is necessary for the preparation of such valuations. A. Actuarial analysis and reporting by the JPFPF will utilize the following standards in addition to other standards governing its work: 1. Annual ARC calculations based on most recent actuarial assumptions; 2. Alternative Not less than two alternative funding scenarios based on variable investment performance in addition to the base case, that extend to future years and incorporate volatility; 3. The latest “experience studies” prepared by the JPFPF actuary; 4. Consistency in actuarial methods;

ACTUARIAL STANDARDS, TRANSPARENCY AND DISCLOSURE. The City and Trust JPFPF agree that the assumed annual actuarial rate of return should remain at 7.0% through the term of the 2014 Agreement, defined below, unless otherwise agreed by the City and JPFPF based on sound actuarial practices, or as otherwise required by applicable law. An actuarial valuation of the JPFPF shall be performed by the JPFPF actuary annually, as of October 1 of each fiscal year. The annual actuarial valuations shall be completed and delivered as expeditiously as possible to the Board of Trustees, the Financial Advisory and Investment Committee, the City’s Director of Finance and to the City Council Auditor promptly upon completion but in any event the JPFPF shall complete and deliver such analyses and reports no later than 120 days after the end of each fiscal year, provided the City has responded promptly to requests made by the JPFPF for information from the City that is necessary for the preparation of such valuations. A. Actuarial analysis and reporting by the JPFPF will utilize the following standards in addition to other standards governing its work: 1. Annual ARC calculations based on most recent actuarial assumptions; 2. Alternative Not less than two Aalternative funding scenarios based on variable investment performance in addition to the base case, that extend to future years and incorporate volatility; 3. The latest “experience studies” prepared by the JPFPF actuary; 4. Consistency in actuarial methods;

ACTUARIAL STANDARDS, TRANSPARENCY AND DISCLOSURE. The City and Trust agree that the assumed annual actuarial rate of return should remain at 7.0% through the term of the 2014 Agreement, defined below, unless otherwise agreed by the City and JPFPF based on sound actuarial practices, or as otherwise required by applicable law. An actuarial valuation of the JPFPF shall be performed by the JPFPF actuary annually, as of October 1 of each fiscal year. The annual actuarial valuations shall be completed and delivered as expeditiously as possible to the Board of Trustees, the Financial Advisory and Investment Committee, the City’s Director of Finance and to the City Council Auditor promptly upon completion but in any event the JPFPF shall complete and deliver such analyses and reports no later than 120 days after the end of each fiscal year, provided the City has responded promptly to requests made by the JPFPF for information from the City that is necessary for the preparation of such valuations. A. Actuarial analysis and reporting by the JPFPF will utilize the following standards in addition to other standards governing its work:standards 1. Annual ARC calculations based on most recent actuarial assumptions; 2. Alternative funding scenarios based on variable investment performance in addition to the base case, that extend to future years and incorporate volatility; 3. The latest “experience studies” prepared by the JPFPF actuary; 4. Consistency in actuarial methods;