Independent Actuarial Audit Report Says Work of STRS Ohio’s Actuary Reasonable, Consistent and Accurate
On May 24, the Ohio Retirement Study Council (ORSC) posted the final report from the actuarial audit of STRS Ohio. The report showed the work of STRS Ohio’s actuarial consultants is considered strong. The audit was performed by Pension Trustee Advisors, Inc., KMS Actuaries, LLC (PTA/KMS) on behalf of the ORSC.
The purpose of an actuarial audit is to provide an independent verification and analysis of the procedures and methods used by the STRS Ohio consulting actuary (Cheiron and Segal Consulting for the period evaluated). The report concluded, “We found Cheiron’s work to be strong. It was reasonable, consistent and accurate. We do not believe that any methods, assumptions or calculations are erroneous to the level of necessary recalculations.”
The complete audit report is available here.
The ORSC also recently shared the results of the fiduciary performance audit of STRS Ohio that was completed by Funston Advisory Services. That report, which supported the work of the Retirement System board and staff, is available here.