December 31, 2019 Actuarial Valuation
Adopted by the Board on October 14, 2020

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The valuation was presented by CCCERA’s actuary, Segal Consulting. The ratio of the valuation value of assets to actuarial accrued liabilities increased from 89.3% to 90.6%. The Association’s unfunded actuarial accrued liability (UAAL) has decreased from $1,032 million to $947 million. The decrease in UAAL is primarily due to contributions paying down a portion of the UAAL, offset to some degree by an investment return on actuarial value (i.e. after asset smoothing) less than the 7.00% assumed rate.

The average employer rate calculated in this valuation (excluding any employer subvention of member rates or member subvention of employer rates) has decreased from 35.73% of payroll to 35.66% of payroll. This decrease is primarily due to the effect of changes in member demographics on Normal Cost and the other gains, offset by an investment return on actuarial value (i.e. after asset smoothing) less than the 7.00% assumed rate.

December 31, 2019 Actuarial Valuation