b'Jim Donaway PhotoHOW 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 assump-tions.ACTUARIAL ASSUMPTIONSAverage Life Expectancy for PensionersTheSystemsactuaryrecommendsassumptions(Age = 65)bothdemographicandeconomicbasedonthe Plansactualexperience,economicforecasts,andService Retiree 21.6 years*other factors. The Board adopts these assumptions inDisabled Retiree 20.1 years*consultation with the actuary. Demographic assump- Surviving Spouse/ tions explore the probabilities of when and how longDomestic Partner 22.9 years**memberswillreceivethevarioustypesofbenefits, *The average is calculated based on a proportion of 90% male and e.g., the likelihood of retirement, disability, and death.10% female in the current retiree population.Economicassumptionsarebasedonfactorsthat**The average is calculated based on a proportion of 5% male and affect the value of benefits or the value of a plans95% female in the current beneficiary population.assets,e.g.,inflation,rateofsalaryincreases,and investment return.Every three years, the assumptions are examined toRate of Inflationdetermine if any adjustments are necessary for future valuations.ExamplesofassumptionsusedfortheAnnual increase valuation period ending June 30, 2025 are providedinin the Consumer Price2.50%Indexthe subsequent tables.SECTION 5ACTUARIAL 109'