The New York City Office of the Actuary (NYCOA) regularly produces reports that are available to the public.
The NYCOA produces reports that contain the inputs to, and results of, the annual actuarial valuation including the calculation of the statutorily required contribution for each of the five retirement systems that make up the New York City Retirement Systems (NYCRS) - NYCERS, TRS, BERS, POLICE and FIRE.
Periodically the NYCOA conducts a full review of the actuarial assumptions and methods used to fund the NYCRS. These reviews lead to formalized recommendations that are then presented to each of the NYCRS Boards.
Prior to the 2019 A&M, the most recent full-scale changes to the assumptions and methods were documented in reports called the Silver Books. The Silver Books were adopted by each of the NYCRS Boards and were used for determining contributions to NYCRS for Fiscal Years 2012 through 2018. (Additional changes were made to the mortality projection scale and the method for determining the actuarial value of assets beginning in Fiscal Year 2016.)
As mandated by the New York City Charter, an Independent Actuary was hired to conduct an audit of the work performed by the NYCOA. The audit, performed by Bolton, Inc., included an experience study of the NYCRS which compared recent experience with the economic and demographic assumptions used in the actuarial valuations.
This report presents information intended for use by the City of New York for accounting and financial reporting for pensions under Government Accounting Standards Board Statements 67 and 68.
This report presents information intended for use by the City of New York and some of its Component Units for accounting and financial reporting for Other Postemployment Benefits (OPEB) under Government Accounting Standards Board Statements 74 and 75.
The NYCOA prepares the Actuarial section and assists the systems in preparing other information presented in the Comprehensive Annual Financial Reports of each of the NYCRS.