Final Actuarial Audit Reports Submitted by Gabriel Roeder Smith & Co. – Independent Actuary’s Statement (2015)
Transmittal Letter
New York City Retirement Systems
Independent Actuary’s Statement
October 2015
The Honorable Scott M. Stringer
Comptroller of the City of New York
One Centre Street New York, New York 10007
Re: Independent Actuary’s Certification Regarding the Funding of the Five ActuariallyFunded New York City Retirement Systems (“NYCRS”)
Dear Comptroller Stringer:
Gabriel, Roeder, Smith & Company (GRS) was retained to serve as Independent Actuary under Section 96 of the New York City Charter and provide other services related to the review of the funding of the following five actuarial pension funds (collectively NYCRS or the Systems):
- New York City Employees’ Retirement System (NYCERS)
- Teachers’ Retirement System of the City of New York (TRS) • Board of Education Retirement System of the City of New York (BERS)
- New York City Police Pension Fund (POLICE)
- New York Fire Department Pension Fund (FIRE)
GRS was required to conduct two consecutive biennial actuarial engagements, encompassing the following:
- Biennial Contribution Audits of the computed employer contributions for each System in NYCRS for fiscal years 2012 and 2014 (including an audit of actuarial accrued liabilities and actuarial valuation of assets);
- Biennial Experience Studies for the periods ending June 30, 2011 and June 30, 2013, for each System in NYCRS;
- Two Administrative Reviews of the data gathering and maintenance practices of the Office of the Actuary (OA) and each System in NYCRS (one review corresponding with each Contribution Audit); and
- Two Independent Actuarial Statements (one for each engagement); GRS, as the independent actuarial auditor, will submit a statement that will briefly describe the scope of the entire engagement, will review the entire engagement and comment on the financial condition and financing progress and policies of each System, and certify that the Systems are being funded on sound actuarial, financial, and legal bases.