SUMMARY

As required by statute, we contracted for an actuarial audit of the Wisconsin Retirement System (WRS). This actuarial audit replicated the December 31, 2018 actuarial valuation and assessed the reasonableness of the actuarial assumptions used by the Department of Employee Trust Funds (ETF) and its consulting actuary. The actuarial audit, which was performed in accordance with the actuarial standards of practice prescribed by the Actuarial Standards Board, concluded that ETF’s consulting actuary had a sound valuation process for the December 31, 2018 actuarial valuation. The actuarial audit also included several comments and recommendations for improvement to be considered by ETF and its consulting actuary.