Skip to main content
Audit and actuarial services

Enhancing retirement benefit sustainability for Michigan local governments

Put the power of Milliman’s independent thinking, custom solutions and expert consulting to work for you.

Coastal landscape photo of the Big Sable Point Lighthouse located in Michigan.

Our goal

Help ensure your defined benefit and retiree health plans remain financially stable and compliant with evolving state law related to pension plan requirements and healthcare regulations, including the Protecting Local Government Retirement and Benefits Act (MI PA-202)

two people talking

What is the Michigan Public Act 202 of 2017?

MI PA-202 went into effect on December 20, 2017, and mandates local governments to either have a peer actuarial audit conducted by an actuary that is not the plan actuary or replace the plan actuary. 

For many Michigan local governments, this eight-year deadline is fast approaching. 

Milliman experts are here to help.

Why Milliman?

Milliman is a member of the Michigan Association of Public Employee Retirement Systems and is invested in providing actuarial expertise and financial modeling to Michigan local government defined benefit and retiree health plans.

Customized audit and actuarial solutions

Milliman offers tailored solutions to meet your audit and actuarial needs. Whether you require a Level 3 peer review audit for an opinion on the overall reasonableness and appropriateness of the actuarial work you receive, a Level 1 full replication audit to verify your current actuary’s valuation, or simply finding a new system actuary, we have options to fit your goals and budget.

Comprehensive approach

Milliman has been an industry leader in providing actuarial consulting for public retirement and health plans for more than 75 years. Our expertise extends beyond actuarial valuations for defined benefit and retiree health plans with experience studies, plan cost development, design recommendations, administrative disclosures, participant communications, record-keeping, and legislative testimony.

Unparalleled experience in serving the public sector

Our credentialed actuaries and consultants serve more than 1,000 government defined benefit and retiree healthcare plans nationwide and have completed more than 45 actuarial audits over the past 10 years.

Conflict free

Milliman provides objective analysis and independent, unbiased advice. We adhere to the highest professional standards with integrity and no hidden agendas.

Related services

Audit and actuarial services

Actuarial audits

Actuarial audits

Actuarial audits for public pension plans verify the accuracy, reliability, and transparency of actuarial valuations and assumptions. These audits help stakeholders assess the financial health and sustainability of the plans. Typically, public plans undergo three levels of actuarial audits:

  • Level 1: Full Replication Audit - Verifies accuracy of original actuarial valuation by independently reproducing the results
  • Level 2: Limited Scope Audit - Provides assurance that the key components of the actuarial valuation are reasonable and appropriate, without replicating the entire process
  • Level 3: Peer Review - Provides professional opinion on the overall reasonableness and appropriateness of the actuarial work without performing detailed calculations or replications
Learn moreNavigation Arrow
Brochure

Compliance with Public Act 202 of 2017

Milliman is a member of the Michigan Association of Public Employee Retirement Systems and provides actuarial expertise and financial modeling for Michigan local government defined benefit and retiree health plans.

Download PDFDownload
Insight

Dear Actuary

Our experts answer vital questions around pension funding, risk management, and regulatory compliance.

Learn moreNavigation Arrow
Insight

Related insight

Article

Public Pension Funding Study

The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans.

Read the studyNavigation Arrow
Article

Public Pension Funding Index

Quarterly updates on the estimated funded status of the 100 largest U.S. public pension plans.

Read the paperNavigation Arrow
Article

Public pension plan funding policy: Implications for revised ASOP 4

In public pension plan funding, amortization methods with short rolling periods better meet the intent of revised Actuarial Standard of Practice No. 4 (ASOP 4).

Read the articleNavigation Arrow
Article

Managing contribution volatility in a well-funded pension plan

Learn about approaches for managing contribution volatility, which can be a challenge for fully funded plans.

Read the articleNavigation Arrow

We’re here to help

Ask the tough questions. We’re ready for them.