A Comprehensive Annual Financial Report (CAFR) is prepared by the Pension Board staff and submitted to the Government Finance Officers Association’s Certificate of Achievement for Excellence in Financial Reporting program. The Pension System has been awarded the Certificate annually since first applying in 2012. CAFRs which earn this distinction go beyond the minimum requirements of generally accepted accounting principles and provide additional information in the spirit of transparency and full disclosure.
System valuations are performed annually by an independent actuary. The purpose of the valuation is to establish funding levels for the City which will keep the System financially healthy and sustainable.