R. Ryan Falls

FSA, FCA, EA, MAAA

Principal & Consulting Actuary

Dallas, TX, US

Ryan Falls is a principal and consulting actuary in Milliman’s Dallas, Texas, office. Ryan joined Milliman’s public sector consulting team in April 2023.

Download bio

Loading component...

Experience

Ryan has 25 years of actuarial and benefits consulting experience, focusing on the needs of major public employee retirement systems and private sector employers. Throughout his career, Ryan has provided consulting services to statewide and municipal retirement systems across the country. As an actuary and senior consultant, Ryan performs actuarial valuations for public pension and retiree health care plans; conducts plan design analyses, including the design and implementation of cash balance and other hybrid plan designs; and performs asset liability modeling and actuarial audits.

Ryan is an expert in consulting on plan design and sustainability. His background includes studying many large plan designs to understand the impacts on plan costs, employee retention, administrative functions, and applicable stakeholders. Ryan has repeatedly seen first-hand the monumental effort required by retirement systems, stakeholders, and politicians to reform public pension plans. As a result, Ryan firmly believes that true reform and plan sustainability must include adaptable features such as actuarially determined contributions and adjustable benefit provisions.

Immediately prior to joining Milliman, Ryan was the lead actuary for the Arizona State Retirement System, the Teachers Retirement System of Oklahoma, the New Mexico Educational Retirement Board, the New Mexico Public Employees Retirement Association, and the Employees Retirement System of Texas. Ryan has also conducted 13 actuarial audits over the past five years for many notable organizations, including the Nebraska Public Employees Retirement System, the Oregon Public Employees Retirement System, the Missouri Public School and Education Employee Retirement System, and the Teacher Retirement System of Texas.

Publications and Presentations

Ryan regularly serves as a speaker at national conferences for organizations such as the National Council on Teacher Retirement (NCTR), National Conference on Public Employee Retirement Systems (NCPERS), International Foundation of Employee Benefit Plans (IFEBP), and National Association of Public Pension Attorneys (NAPPA).

Professional Designations

Fellow, Society of Actuaries
Fellow, Conference of Consulting Actuaries
Enrolled Actuary
Member, American Academy of Actuaries

Education

Bachelor of Science, Applied Mathematical Science, Texas A&M University

Affiliations

Ryan is an active member of the NCTR Corporate Advisory Committee. As a committee member, Ryan provides advice and counsel for NCTR’s governance process.

Loading component...

Publications

Read their latest work

Article

2025 Public Pension Funding Study

23 February 2026 - by Rebecca A. Sielman, Rick Gordon, R. Ryan Falls

Funded ratio for the largest U.S. public pension plans well up over time, to 84.7% by end-November 2025, from 69.8% in September 2022.

Article

Dear Actuary: Actuarial audits

10 May 2024 - by R. Ryan Falls

We explain what’s behind an actuarial review, an important component of governance and due diligence for pension plans.

Experience

R. Ryan Falls

Loading component...

Experience

Loading component...

Read their latest work

2025 Public Pension Funding Study

Dear Actuary: Actuarial audits

CHOOSE A LOCATION AND LANGUAGE

R. Ryan Falls

Experience

CHOOSE A LOCATION AND LANGUAGE