Common use of Plan Actuary Clause in Contracts

Plan Actuary. a. There shall be a Plan Actuary who shall be designated by the Board to prepare such analyses as required by law and this Agreement, and as may be necessary in the conduct of the Board's business. The Plan Actuary shall prepare valuation reports in satisfaction of Florida Statutes using established actuarial assumptions and actuarial cost methods. b. The parties recognize that one of the functions of an actuary is to make various discretionary actuarial assumptions which may have impacts on the City budget process. c. In order to protect the Board and the City, the Board and the City may each have their own actuary to address Fund matters. The Board’s actuary shall be designated as the Plan Actuary and the City’s actuary shall be designated as the City Actuary. Both the Plan Actuary and the City Actuary shall be an enrolled actuary who is enrolled under subtitle C of Title III of the Employee Retirement Income Security Act of 1974 and who is a member of the Society of Actuaries or the American Academy of Actuaries. d. The Parties recognize that valid Actuarial Assumptions may fall within legitimate ranges and since these assumptions are in reality an expression of fiscal policy, the parties agree to the following protocol for the manner of adopting Actuarial Assumptions and having the City’s contribution set: i. Changes to the Actuarial Assumptions shall be proposed by the Plan Actuary and endorsed by the City Actuary. In the event the Plan Actuary and the City Actuary cannot reach agreement on actuarial assumptions, the Plan Actuary and City Actuary shall agree on an impartial third actuary (who also meets the qualification in subparagraph c. above), who shall resolve all disputes between the actuaries and whose decision shall be final between the Board and the City. ii. Changes made to actuarial assumptions shall be recognized as actuarial gains or losses and ratably shared as provided for in this Agreement. iii. Contribution rates developed pursuant to annual actuarial evaluations shall be implemented in the next fiscal year in which it may be reasonably incorporated in the City budget. (e.g. the rates developed for the 1992 actuarial review would be implemented in the fiscal year 1993-94 budget.)

Plan Actuary. a. There shall be a Plan Actuary who shall be designated by the Board to prepare such analyses as required by law and this Agreement, and as may be necessary in the conduct of the Board's business. , The Plan Actuary shall prepare valuation reports in satisfaction of Florida Statutes using established actuarial assumptions and actuarial cost methods. b. The parties recognize that one of the functions of an actuary is to make various discretionary actuarial assumptions which may have impacts on the City budget process. c. In order to protect the Board and the City, the Board and the City may each have their own actuary to address Fund matters. The Board’s actuary shall be designated as the Plan Actuary and the City’s actuary shall be designated as the City Actuary. Both the Plan Actuary and the City Actuary shall be an enrolled actuary who is enrolled under subtitle C of Title III of the Employee Retirement Income Security Act of 1974 and who is a member of the Society of Actuaries or the American Academy of Actuaries. d. The Parties recognize that valid Actuarial Assumptions may fall within legitimate ranges and since these assumptions are in reality an expression of fiscal policy, the parties agree to the following protocol for the manner of adopting Actuarial Assumptions and having the City’s contribution set: i. Changes to the Actuarial Assumptions shall be proposed by the Plan Actuary and endorsed by the City Actuary. In the event the Plan Actuary and the City Actuary cannot reach agreement on actuarial assumptions, the Plan Actuary and City Actuary shall agree on an impartial third actuary (who also meets the qualification in subparagraph c. above), who shall resolve all disputes between the actuaries and whose decision shall be final between the Board and the City.Actuary ii. Changes made to actuarial assumptions shall be recognized as actuarial gains or losses and ratably shared as provided for in this Agreement. iii. Contribution rates developed pursuant to annual actuarial evaluations shall be implemented in the next fiscal year in which it may be reasonably incorporated in the City budget. (e.g. the rates developed for the 1992 actuarial review would be implemented in the fiscal year 1993-94 budget.)

Plan Actuary. a. There shall be a Plan Actuary who shall be designated by the Board to prepare such analyses as required by law and this Agreement, and as may be necessary in the conduct of the Board's business. The Plan Actuary shall prepare valuation reports in satisfaction of Florida Statutes using established actuarial assumptions and actuarial cost methods. b. The parties recognize that one of the functions of an actuary is to make various discretionary actuarial assumptions which may have impacts on the City budget process. c. In order to protect the Board and the City, the Board and the City may each have their own actuary to address Fund matters. The Board’s actuary shall be designated as the Plan Actuary and the City’s actuary shall be designated as the City Actuary. Both the Plan Actuary and the City Actuary shall be an enrolled actuary who is enrolled under subtitle C of Title III of the Employee Retirement Income Security Act of 1974 and who is a member of the Society of Actuaries or the American Academy of Actuaries.of d. The Parties recognize that valid Actuarial Assumptions may fall within legitimate ranges and since these assumptions are in reality an expression of fiscal policy, the parties agree to the following protocol for the manner of adopting Actuarial Assumptions and having the City’s contribution set: i. Changes to the Actuarial Assumptions shall be proposed by the Plan Actuary and endorsed by the City Actuary. In the event the Plan Actuary and the City Actuary cannot reach agreement on actuarial assumptions, the Plan Actuary and City Actuary shall agree on an impartial third actuary (who also meets the qualification in subparagraph c. above), who shall resolve all disputes between the actuaries and whose decision shall be final between the Board and the City. ii. Changes made to actuarial assumptions shall be recognized as actuarial gains or losses and ratably shared as provided for in this Agreement. iii. Contribution rates developed pursuant to annual actuarial evaluations shall be implemented in the next fiscal year in which it may be reasonably incorporated in the City budget. (e.g. the rates developed for the 1992 actuarial review would be implemented in the fiscal year 1993-94 budget.)

Plan Actuary. a. There shall be a Plan Actuary who shall be designated by the Board to prepare such analyses as required by law and this Agreement, and as may be necessary in the conduct of the Board's business. , The Plan Actuary shall prepare valuation reports in satisfaction of Florida Statutes using established actuarial assumptions and actuarial cost methods. b. The parties recognize that one of the functions of an actuary is to make various discretionary actuarial assumptions which may have impacts on the City budget process. c. In order to protect the Board and the City, the Board and the City may each have their own actuary to address Fund matters. The Board’s actuary shall be designated as the Plan Actuary and the City’s actuary shall be designated as the City Actuary. Both the Plan Actuary and the City Actuary shall be an enrolled actuary who is enrolled under subtitle C of Title III of the Employee Retirement Income Security Act of 1974 and who is a member of the Society of Actuaries or the American Academy of Actuaries.of d. The Parties recognize that valid Actuarial Assumptions may fall within legitimate ranges and since these assumptions are in reality an expression of fiscal policy, the parties agree to the following protocol for the manner of adopting Actuarial Assumptions and having the City’s contribution set: i. Changes to the Actuarial Assumptions shall be proposed by the Plan Actuary and endorsed by the City Actuary. In the event the Plan Actuary and the City Actuary cannot reach agreement on actuarial assumptions, the Plan Actuary and City Actuary shall agree on an impartial third actuary (who also meets the qualification in subparagraph c. above), who shall resolve all disputes between the actuaries and whose decision shall be final between the Board and the City. ii. Changes made to actuarial assumptions shall be recognized as actuarial gains or losses and ratably shared as provided for in this Agreement. iii. Contribution rates developed pursuant to annual actuarial evaluations shall be implemented in the next fiscal year in which it may be reasonably incorporated in the City budget. (e.g. the rates developed for the 1992 actuarial review would be implemented in the fiscal year 1993-94 budget.)