The California Public Employees' Retirement System (CalPERS) has named Scott Terando as the Pension Fund's new chief actuary.
Terando was the Pension Fund's interim chief actuary, serving in that role since the retirement of former Chief Actuary Alan Milligan in September 2016. Prior to that, Terando served as deputy chief actuary and, before that, supervising pension actuary over the Technology Unit in the CalPERS Actuarial Office. He will assume his new role immediately.
The chief actuary advises the CalPERS Board of Administration and reports to the chief executive officer as a member of the executive team. Under the direction of the chief executive officer, the chief actuary provides planning, organization, direction, and evaluation of work of the Actuarial Office, and ensures that all actuarial functions are performed with independence and in conformance with professional standards.
"Scott Terando has been deeply involved in setting the policies that have put our fund on firm ground going forward," said Marcie Frost, CalPERS CEO. "I look forward to working closely with him as we continue our dynamic work to sustain the fund for generations and pay the benefits our members have been promised. We have a busy year ahead of us as we begin to evaluate and review our assets and liabilities, and Scott's expertise will be critical to our success."
The chief actuary is a principal advisor on actuarial policies related to pension and health benefit funding, and as a member of the senior management team participates in enterprise-wide strategic planning.
The CalPERS Actuarial Office produces more than 3,000 actuarial valuations each year for the state, school districts, and public agencies that have contracted with CalPERS to administer their pension plans. The Actuarial Office also provides cost analyses and other actuarial services for CalPERS contracting employers.
Terando started his CalPERS career in 2003 as a senior pension actuary. He is an associate of the Society of Actuaries, an enrolled actuary under the Employee Retirement Income Security Act, a member of the American Academy of Actuaries, a fellow of the Conference of Consulting Actuaries, and has earned the designation of Chartered Financial Analyst.
He holds a Bachelor of Science degree in mathematics from the University of Michigan.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for over 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $305 billion. For more information, visit www.calpers.ca.gov.