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Office Overview The Office of the State Actuary is a Legislative agency and provides actuarial services for all of the state-funded or state-sponsored pension plans. The OSA performs other actuarial services as needed. We also provide staff for the Select Committee on Pension Policy and maintain the SCPP website. If you would like more information about the function and responsibilities of the OSA, see Chapter 44.44 of the Revised Code of Washington. Our Mission Statement The Office of the State Actuary promotes the security of Washington State public employees’ retirement benefits by providing expert, accurate, and objective actuarial and policy analysis in a cost-effective and timely manner. Our Values Statement We model the highest level of professionalism. We remain independent and unbiased when delivering services in support of our mission. We value teamwork and collaboration to continually improve the quality of our services and working relationships. We promote a fun and friendly office culture that provides work-life balance and opportunities to grow. Actuaries are professionals involved in measuring and managing financial risk. In the private sector, they may be employed by insurance companies, banks, or investment firms. In state government, agencies administering pension, health care, unemployment, or worker's compensation benefits all rely on actuarial calculations in one way or another. Actuaries estimate the cost of future events based on past experience and established tables of probabilities. They differ from auditors and accountants in the focus of their work. While auditors and accountants work to reconcile past economic activity, actuaries estimate the financial implications of events 20, 30, or more years into the future. This work relies on mathematical principles and assumptions about future economic and demographic trends. The Washington State Actuary works exclusively on the funding and benefit issues of the state's public retirement systems. The role of the office as currently defined, is to:
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Last Reviewed: 5/19/2008 Last Updated: 5/19/2008 |
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