Audit Report

Denver Employees Retirement Plan Actuarial Valuation

The objective of our audit of the Denver Employees Retirement Plan actuarial valuation was to review the Jan. 1, 2019 Actuarial Valuation Report, including the assumptions and processes to calculate the net pension liability for the Denver Employees Retirement Plan as reported in the city’s Comprehensive Annual Financial Report.

Bolton Partners Inc. conducted this audit on behalf of the Auditor’s Office. I am pleased to present the results of this audit. I am very pleased with the review findings that the Jan. 1, 2019 Denver Employees Retirement Plan Actuarial Valuation Report was compliant with the relevant actuarial standards and appropriately valued the provisions in the Denver Revised Municipal Code.

The audit, however, revealed that the Denver Employees Retirement Plan could improve some of its processes surrounding the assumptions in the plan’s valuation. This audit is authorized pursuant to the City and County of Denver Charter, Article V, Part 2, Section 1, “General Powers and Duties of Auditor,” and was conducted by Bolton Partners Inc. to assess the Denver Employees Retirement Plan’s compliance with applicable Actuarial Standards of Practice.

Those standards provide guidance for retirement plan valuations’ assumptions and processes used to calculate and disclose a plan’s assets and liabilities. We extend our appreciation to personnel at the Denver Employees Retirement Plan who assisted and cooperated with us during the audit. For any questions, please feel free to contact me at 720-913-5000.

Follow-up report

A follow-up report is forthcoming. 

Audit Team: Dawn Wiseman, Bolton Partners Inc.