Section 112.658, Florida Statutes, directs OPPAGA to employ an independent consulting actuary to review the annual actuarial valuation of the Florida Retirement System (FRS) Pension Plan to determine whether it complies with provisions of the Florida Protection of Public Employee Retirement Benefits Act. To complete the review, OPPAGA contracted with Gabriel Roeder Smith & Company (GRS).

• GRS reported that the system actuary, Milliman, used actuarial assumptions and methods that generally develop appropriate actuarial values for the FRS.
• GRS replicated key financial results of the July 1, 2013 Actuarial Valuation and found no material differences in the valuation results.
• GRS commented on differences with Milliman regarding the non-traditional treatment of DROP, 4% payroll growth assumption, assumed inactive healthy mortality rates, and use of the ultimate or replacement variation of the entry-age-normal actuarial cost method.