Assumptions about future events are a necessary component of the
valuations. Key among them are:
• Members' future rates of retirement and disability.
• Their total length of service.
• The rate at which their salaries will increase.
The
OSA is required to perform experience studies at least once
every five years to determine at what rate the above factors
have actually occurred in the retirement systems. Actual rates
are compared to the assumptions and adjustments to the rates may
be made for future valuations.
