PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo, chair of the Retirement Board, today released the following statement regarding the recently completed actuarial audit:
"These audit findings should provide peace of mind to public employees and retirees that the calculations of the Retirement Board's actuary, both during pension reform and on an ongoing basis, have been reasonable and reliable. Reports like this demonstrate that the process state leaders went through to fix our broken state retirement system was thoughtful and driven by data."
The Employees' Retirement System of Rhode Island, under the direction of the Retirement Board, hired Cheiron to audit the work of Gabriel Roeder Smith and Company (GRS), the state's actuary. GRS provides annual actuarial valuations and periodic actuarial experience studies to the Retirement Board, and provided analysis as part of the state's 2011 pension reform efforts.
The audit covered the Employees' Retirement System and the Municipal Employees' Retirement System valuations as of June 30, 2012, and the Experience Studies as of July 1, 2004 and July 1, 2010.