When does our pension plan obtain an Act 205 actuarial valuation report?
Municipalities will receive the Act 205 actuarial valuation report biennially. PMRS and its consulting actuarial firm provides a completed actuarial valuation report as required by Act 205. The municipality reviews and signs the report and forwards it to the Public Employee Retirement Commission. Actuarial valuation cost components are used to determine the annual financial requirements of the plan plus the data is used to calculate state pension aid for cities, boroughs, towns and townships.
What actuarial assumption changes went into effect January 1, 2005?
An article regarding the Board's 2005 actuarial assumption changes was posted to the PMRS home page directly following the December 7, 2004 board meeting. Click on the article Board Adopts Revised Actuarial Assumptions (12/04) to view the assumption changes that were put into effect on January 1, 2005.