Robert T. McCrory, FSA, Executive Vice
President
Years of
Experience: 37
Education
·
Graduated
with Highest Honors from Georgia Tech with a Bachelor of Science in Applied
Mathematics
·
Received a
Master's in Mathematics from Georgia Tech
·
Completed
the Software Development Certificate Program sponsored by the
Professional Certification and Accreditation
·
Fellow,
Society of Actuaries
·
Fellow,
Conference of Actuaries
·
Member,
·
Enrolled
Actuary under ERISA
·
Member,
Society for Computer Simulation
Special Areas of
Expertise
·
Stochastic
modeling of public sector retirement programs
·
Asset/liability
modeling
·
Actuarial
valuation software design and implementation
·
Risk
appraisal software technology
Relevant Experience
·
This System contains
six State plans, a County Schools Pool, and more than 2,000 public agency plans
administered by a central agency. There
are more than 1 million active members and a comparable number of inactive
members and beneficiaries. There are
roughly 2,000 employers and a larger number of plans, some with multiple
benefit tiers. EFI first began working
with the System in 1992. Since that
time, projects completed have included the following:
o
Based on
an innovative use of computer simulation, a study of economic assumptions was
completed. The Board adopted the
recommendations of this Study in setting actuarial assumptions to use in
computing liabilities and costs System-wide.
o
Reviewed
the demographic experience study prepared by staff actuaries and suggested
corrections to withdrawal rates. The
rates as computed by staff had counted some terminating members twice. The
corrected rates were subsequently adopted by the Board.
o
Prepared two
reports simulating future experience of the Purchasing Power Protection Account
mechanism at CalPERS, addressing the likelihood that this investment-driven
system will be adequate to provide cost of living protection to CalPERS
retirees.
o
Working
with the Board and Investment Office, EFI has prepared several consolidated
asset and liability simulations of the System to be used to determine an
efficient allocation of Fund assets.
These simulation models are a central part of the biennial asset/liability
workshops in which the CalPERS Board and staff set asset allocation policy.
·
San Diego
Transit District
This Plan consists of
two segments, one covering represented drivers and mechanics and the other
covering clerical and salaried employees. There are about 1,000 active members and about
850 inactive members and beneficiaries; assets total about $150 million. Since being retained in 2000, the following
projects have been undertaken:
o
Annual
actuarial valuations and periodic have been performed since 2000.
o
An
experience study for the period from 1997 through 2000 was prepared. Both economic and demographic experience was
reviewed. This was the first actuarial
experience study prepared for this Plan, and it resulted in significant changes
in all demographic and economic assumptions.
o
Prepared
an analysis of the impact of issuing a pension obligation bond, including a
stochastic analysis of the likelihood of District contributions being increased
as a result of the bond.
o
Meetings
with staff, retirement plan Board, and the District Board to discuss retirement
plan liabilities and costs.
·
Alameda-Contra
Costa County Transit District
This Plan consists of
two segments, one covering represented drivers and mechanics and the other
covering clerical and salaried employees.
Since being retained in 1994, the following projects have been
undertaken:
o
Annual
actuarial valuations have been performed since
o
An
experience study for the five-year period ending
As a result of a sharp increase in cost resulting from adverse experience, Plan improvements, and missed District contributions, an innovative cost phase-in approach was developed to preserve the financial integrity of the District while protecting the benefit security of the members.