Efficient, Effective and Accountable Government
Provide data, information, and analysis to support decision-making
Strategy: Provide data, information, and analysis to support decision-making
Agency: 035 - Office of the State Actuary
A001 - Actuarial Analysis for Retirement Benefits and Investments
The Office of the State Actuary provides actuarial services for the state retirement systems, Guaranteed Education Tuition (GET) program, and state higher education retirement plans (HERPs); advises the Legislature and Governor regarding benefit and funding policies for the state retirement systems; consults with the Legislature and Governor concerning determination of actuarial assumptions; prepares actuarial fiscal notes on each pension bill heard in a fiscal committee of the Legislature; and provides such actuarial services to the Legislature as may be required.
| Account | FY 2024 | FY 2025 | Biennium Total |
|---|---|---|---|
| FTE | 38.2 | 37.6 | 37.9 |
| 001 - General Fund | |||
| State | 818,000 | 846,000 | 1,664,000 |
| 418 - St Health Care Authority Admin Acct | |||
| State | 284,000 | 298,000 | 582,000 |
| 492 - School Employees' Insur Admin Acct | |||
| State | 256,000 | 260,000 | 516,000 |
| 600 - Dept of Retirement Systems Expense | |||
| State | 7,025,000 | 7,204,000 | 14,229,000 |
| FY 2024 | FY 2025 | Biennium Total | |
|---|---|---|---|
| FTES | 19.1 | 18.8 | 19.0 |
| GFS | 409,000.0 | 423,000.0 | 832,000.0 |
| Other | 3,781,000.0 | 3,895,000.0 | 7,676,000.0 |
| Totals | 4,190,000.0 | 4,318,000.0 | 8,508,000.0 |
Expected Results
The professional service activities performed by the Office of the State Actuary provide state retirement systems, GET, and HERP plan sponsors, participants, administrators, and other stakeholders with expert, accurate, and objective actuarial and policy analysis in a cost-effective and timely manner. These professional service activities provide stakeholders with the actuarial and policy analysis required for the prudent governance of the state retirement systems, GET program, and HERP supplemental benefit plans.
