b'HOW A VALUATION IS CONDUCTEDIn accordance with the Boards actuarial funding policy, the Entry Age Normal Cost is the actuarial funding method used to determine the contribution requirements to fund the benefits. To determine the cost of benefits, an actuarial valuation takes into consideration the Plans provisions, participant data, and various actuarial assumptions.ACTUARIAL ASSUMPTIONS Average Life Expectancy for PensionersThe Systems actuary recommends assumptions (Age = 65)both demographic and economicbased on the Plans actual experience, economic forecasts, andService Retiree 21.6 years*other factors. The Board adopts these assumptionsDisabled Retiree 20.0 years*inconsultationwiththeactuary.DemographicSurviving Spouse/ assumptionsexploretheprobabilitiesofwhenDomestic Partner 22.8 years**and how long members will receive the various *The average is calculated based on a proportion of 90% male types of benefits, e.g., the likelihood of retirement,and 10% female in the current retiree population.disability, and death. Economic assumptions are**The average is calculated based on a proportion of 5% male based on factors that affect the value of benefitsand 95% female in the current beneficiary population.or the value of a plans assets, e.g., inflation, rate of salary increases, and investment return.Every three years, the assumptions are examinedRate of Inflationto determine if any adjustments are necessary forAnnual increase future valuations. Examples of assumptions usedin the Consumer2.50%for the valuation period ending June 30, 2024 arePrice Indexprovided in the subsequent tables.SECTION 5 Actuarial 109'