Washtenaw County 2013 Experience Study
The Experience Study by Buck Consultants, the actuary for the WCERS and VEBA Trusts, has been completed and presented to the respective Trustees. The information in the study was utilized by the Trustees to make decisions on the assumptions and methods that would be used for the December 31, 2012, actuarial valuations. One of the elections made by each board was to adopt a graduated step down amortization schedule for the Unfunded Actuarial Accrued Liability (UAAL). This decision impacts the budget shortfall projections for the 2014- 2017 fiscal years. The budget, as presented in the Updated State of the County, reflected the amortization period of the UAAL to be over 10 years, an industry standard assumption. The change in the amortization method, from ten years to a graduated schedule, is expected to lessen the impact to the projected budgets for 2014 -2017 by reducing the projected shortfall.