RBH No. 6236 Req. No. 6236 Page 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 STATE OF OKLAHOMA 1st Session of the 58th Legislature (2021) HOUSE BILL 2378 By: Davis AS INTRODUCED An Act relating to the Teachers' Retirement System of Oklahoma; amending 62 O.S. 2011, Section 31 03, as last amended by Section 1 , Chapter 121, O.S.L. 2020 (62 O.S. Supp. 2020, Section 3103), which relates to the Oklahoma Pension Legislation Actuarial Analysis Act; modifying definitions; amending 70 O.S. 2011, Section 17-116.10, as last amended by Section 2, Chapter 270, O.S.L. 2017 (70 O.S. Supp. 2020, Section 17-116.10), which relates to postretirement earnings limitations; modifying restrictions with respect to postretirement employment; prescribing maximum amount of postretirement earnings; prescribing requirements related to postretirement earnin gs; modifying provision related to employee contributions; prohibiting accrual of postretirement service credit; providing for applicability of certain provisions regardless of certain election; providing school districts not subject to certain preterminat ion procedural requirements; prescribing maximum duration of postretirement contacts; providing school districts not required to rehire certain persons based upon previous employment contract; amending Section 3, Chapter 394, O.S.L. 2013, as last amended by Section 1, Chapter 10, 2nd Extraordinary Session, O.S.L. 2018 (70 O.S. Supp. 2020 , Section 18-114.14), which relates to the minimum salary schedule; modifying provisions related to employment of retired teachers; providing for codification; and providing effective dates. BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: RBH No. 6236 Req. No. 6236 Page 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 SECTION 1. AMENDATORY 62 O.S. 2011, Section 3103, as last amended by Section 1, Chapter 121, O.S.L. 2020 (62 O.S. Supp. 2020, Section 3103), is amended t o read as follows: Section 3103. As used in the Oklahoma Pension Legislation Actuarial Analysis Act: 1. "Amendment" means any amendment, including a substitute bill, made to a retirement bill by any committee of the House or Senate, any conference commit tee of the House or Senate or by the House or Senate; 2. "RB number" means that number preceded by the letters "RB" assigned to a retirement bill by the respective staffs of the Oklahoma State Senate and the Oklahoma House of Representatives when the respective staff office prepares a retirement bill for a member of the Legislature; 3. "Legislative Actuary" means the firm or entity that enters into a contract with the Legislative Service Bureau pursuant to Section 452.15 of Title 74 of the Oklahoma Statut es to provide the actuarial services and other duties provided for in the Oklahoma Pension Legislation Actuarial Analysis Act; 4. "Nonfiscal amendment" means an amendment to a retirement bill having a fiscal impact, which amendment does not change any factor of an actuarial investigation specified in subsection A of Section 3109 of this title; 5. "Nonfiscal retirement bill " means a retirement bill: RBH No. 6236 Req. No. 6236 Page 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 a. which does not affect the cost or funding factors of a retirement system, b. which affects such factors o nly in a manner which does not: (1) grant a benefit increase under the retirement system affected by the bill, (2) create an actuarial accrued liability for or increase the actuarial accrued liability of the retirement system affected by the bill, or (3) increase the normal cost of the retirement system affected by the bill, c. which authorizes the purchase by an active member of the retirement system, at the actuarial cost for the purchase as computed pursuant to the statute in effect on the effective dat e of the measure allowing such purchase, of years of service for purposes of reaching a normal retirement date in the applicable retirement system, but which cannot be used in order to compute the number of years of service for purposes of computing the retirement benefit for the member, d. which provides for the computation of a service - connected disability retirement benefit for members of the Oklahoma Law Enforcement Retirement System pursuant to Section 2 -305 of Title 47 of the Oklahoma RBH No. 6236 Req. No. 6236 Page 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Statutes if the members were unable to complete twenty (20) years of service as a result of the disability, e. which requires membership in the defined benefit plan authorized by Section 901 et seq. of Title 74 of the Oklahoma Statutes for persons whose first elected or appointed service occurs on or after November 1, 2018, if such persons had any prior service in the Oklahoma Public Employees Retirement System prior to November 1, 2015, f. which provides for a one -time increase in retirement benefits if the increase in retirement benefits is not a permanent increase in the gross annual retirement benefit payable to a member or beneficiary, occurs only once pursuant to a single statutory authorization and does not exceed: (1) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Dollars ($1,000.00) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would not be less than sixty percent (60%) but not greater than eighty percent (80%) after the benefit increase is paid, RBH No. 6236 Req. No. 6236 Page 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (2) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Two Hundred Dollars ($1,200.00) and requires that the benefit may only be provided if the funded ratio of th e affected retirement system would be greater than eighty percent (80%) but not greater than one hundred percent (100%) after the benefit increase is paid, (3) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Four Hundred Dollars ($1,400.00) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would be greater than one hundred percent (100%) after the benefit increase is paid, or (4) the greater of two per cent (2%) of the gross annual retirement benefit of the volunteer firefighter or One Hundred Dollars ($100.00) for persons who retired from the Oklahoma Firefighters Pension and Retirement System as volunteer firefighters and who did not retire from the Oklahoma Firefighters Pension and Retirement System as a paid firefighter. RBH No. 6236 Req. No. 6236 Page 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 As used in this subparagraph, "funded ratio" means the figure derived by dividing the actuarial value of assets of the applicable retirement system by the actuarial accrued liability of the applicable retirement system, or g. which provides a cost -of-living benefit increase pursuant to the provisions of Sections 2 through 7 of this act, or h. which modifies the postretirement earnings limit provisions in Section 17 -116.10 of Title 70 o f the Oklahoma Statutes as provided by Section 2 of this act and which modifies the postretirement provisions of the minimum salary schedule as provided by subsection F of Section 18-114.14 of Title 70 of the Oklahoma Statutes in the manner prescribed by S ection 4 of this act. A nonfiscal retirement bill shall include any retirement bill that has as its sole purpose the appropriation or distribution or redistribution of monies in some manner to a retirement system for purposes of reducing the unfunded liabi lity of such system or the earmarking of a portion of the revenue from a tax to a retirement system or increasing the percentage of the revenue earmarked from a tax to a retirement system; RBH No. 6236 Req. No. 6236 Page 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 6. "Reduction-in-cost amendment" means an amendment to a retirement bill having a fiscal impact which reduces the cost of the bill as such cost is determined by the actuarial investigation for the bill prepared pursuant to Section 3109 of this title; 7. "Retirement bill" means any bill or joint resolution introduced or any bill or joint resolution amended by a member of the Oklahoma Legislature which creates or amends any law directly affecting a retirement system. A retirement bill shall not mean a bill or resolution that impacts the revenue of any state tax in which a portion of the revenue generated from such tax is earmarked for the benefit of a retirement system; 8. "Retirement bill having a fiscal impact " means any retirement bill creating or establishing a retirement system and any other retirement bill other tha n a nonfiscal retirement bill; and 9. "Retirement system" means the Teachers' Retirement System of Oklahoma, the Oklahoma Public Employees Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Firefighters Pension and Reti rement System, the Oklahoma Police Pension and Retirement System, the Oklahoma Law Enforcement Retirement System, or a retirement system established after January 1, 2006. SECTION 2. AMENDATORY 70 O.S. 2011, Section 17 -116.10, as last amended by Section 2, Chapter 270, O.S.L. 2017 (70 O.S. Supp. 2020, Section 17-116.10), is amended to read as follows: RBH No. 6236 Req. No. 6236 Page 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Section 17-116.10 A. Subject to the requirements of Section 6 - 101.2 of this title and any other applicable requirements of law, a member may enter into postretirement employment with a public school of Oklahoma and still receive monthly retirement benefits subject to the following limitations: 1. A retired member is not eligible to be employed by the public schools of Oklahoma, in a ny capacity, for sixty (60) calendar days between the retiree's last day of preretirement public education employment and any postretirement public education employment. For purposes of this section, the term "last day of preretirement employment" shall m ean the last day the employee is required to be physically present on the job to complete the terms of the employment contract or agreement. An employee on paid leave is still considered to be employed for purposes of this section. Employment under any c onditions during this time, volunteer services for the purpose of obtaining a paid position at a later date, or payment at a later time for services performed during this time period shall cause the forfeiture of all retirement benefits received during the period; 2. Unless otherwise provided in paragraph 3 of this subsection, earnings from the public schools may not exceed one -half (1/2) of the member's final average salary used in computing retirement benefits, or the Earnings Limitation for employees al lowed by the Social Security Administration, whichever is less. For retired RBH No. 6236 Req. No. 6236 Page 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 members under the age of sixty -two (62) years, the limit on allowed earnings from the public schools of Oklahoma for employment for the performance of duties ordinarily performed by classified or nonclassified personnel shall be the lesser of Fifteen Thousand Dollars ($15,000.00) or one -half (1/2) of the member's final average salary used in computing retirement benefits unless the earnings limitation allowed by the Social Security Administration would be greater than Fifteen Thousand Dollars ($15,000.00). For retired members sixty-two (62) years of age or older the limit on allowed earnings from the public schools of Oklahoma for the performance of duties ordinarily performed by c lassified or nonclassified personnel shall be the lesser of Thirty Thousand Dollars ($30,000.00) or one - half (1/2) of the member's final average salary used in computing retirement benefits. For purposes of this paragraph, the following shall apply: a. earnings shall mean "regular annual compensation" as defined in paragraph (25) of Section 17 -101 of this title, and shall include any payment by a public school for services rendered by a retired member who is employed for any purpose whatsoever. Supplement al retirement payments paid by a former public school employer pursuant to subsection 9 of Section 17 -105 of this title or other state law shall not be considered as earnings, RBH No. 6236 Req. No. 6236 Page 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 b. the Earnings Limitation for employees allowed by the Social Security Administ ration to workers between the age of sixty-two (62) years and sixty -five (65) years shall apply to retired members below the age of sixty - two (62) years, c. the limit on allowed earnings from the public schools shall be automatically adjusted effective the first day of January of each year to reflect the current Earnings Limitation for employees as determined from time to time by the Social Security Administration, d. the earnings limit for the calendar year in which a member retires shall be one -twelfth (1/12) of the annual limit multiplied by the number of months the member is eligible to work and receive payments from the public schools of Oklahoma, e. earnings in excess of the maximum limit on allowed earnings from public schools of Oklahoma shall result in a loss of future retirement benefits for the year the postretirement employment was performed of One Dollar ($1.00) for each One Dollar ($1.00) earned over the maximum allowed earnings amount, f. for those members age seventy (70) years and over, the earnings in excess of the maximum limit allowed earnings from public schools of Oklahoma shall be one - RBH No. 6236 Req. No. 6236 Page 11 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 half (1/2) the member's final average salary used in computing retirement benefits. However, any retired member receiving benefits from the Retirement Sys tem who reached age seventy (70) years prior to July 1, 1991, shall not be restricted by the earnings limits pursuant to this subparagraph until January 1, 1994. To qualify for the provisions of this subparagraph, the member must be employed less than one -half (1/2) time compared to other full -time employees in similar positions; 3. Notwithstanding paragraph 2 of this subsection, a retired classified or nonclassified member who has been retired for thirty - six (36) or more months and who is employed by a p ublic school to perform duties ordinarily performed by classified or nonclassified personnel shall be able to receive annualized earnings from the public school with no reduction in retirement benefits regardless of the amount of annualized earnings. For a period of three (3) years beginning July 1, 2017, members who have retired as of July 1, 2017, as active classroom teachers, who have been retired and receiving a benefit for at least one (1) year, and who have not been employed by any public school duri ng that one-year period, shall be eligible to be reemployed as an active classroom teacher in common or career tech school districts, with no limitations on earnings. The one - year period starts with the retiree's last day of preretirement RBH No. 6236 Req. No. 6236 Page 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 public education employment. Members returning under this section shall not be subject to any earning limitations following the end of the three-year period described in this paragraph. Members returning under this section shall only be employed pursuant to a temporary contract; and 4. A member shall be considered to be employed by a school district to perform the duties ordinarily performed by classified or nonclassified personnel if the member is hired by the school district in the member's individual capacity to perf orm the duties or if the member performs the duties through employment with a proprietorship, partnership, corporation, limited liability company or partnership, or any other business structure that has agreed or contracted to provide the services to the s chool district; 3. For the first year a retired member is employed full -time by a public school district, the maximum compensation amount shall be Thirty-six Thousand Six Hundred One Dollars ($36,601.00). For all years of service after the first twelve ( 12) months after a member retires from the System, there shall be no minimum salary requirement and the provisions of Section 18 -114.14 of this title shall not be applicable to compensation paid by a public school district to a retired member of the Syste m for full-time employment; and 4. For the second and subsequent years that a retired member is employed full-time by a public school district, the maximum RBH No. 6236 Req. No. 6236 Page 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 compensation amount shall be Fifty Thousand Dollars ($50,000.00) and the provisions of Section 18 -114.14 of this title shall not be applicable to compensation paid by a public school district for full-time employment to a retired member of the System . B. A public school district that employs a retired member shall be required to make contributions to t he System for the retired member in an amount as required in Section 17 -108.1 and in paragraph 3 of subsection B of Section 17 -116.2 of this title. A retired member employed pursuant to the provisions of this section shall not accrue any additional servic e credit in the Teachers ' Retirement System of Oklahoma resulting from performance of postretirement employment with a school district. The provisions of this subsection for payment of employer contribution amounts and the provisions prohibiting accrual o f additional service credit shall be applicable regardless of whether the member is receiving his or her retirement benefit or not and shall not depend upon any election the member might exercise to suspend or delay receipt of the retirement benefit amount. C. For purposes of this section, postretirement employment of less than one thousand (1,000) hours per year with the Governor, the State Senate, the House of Representatives or the Legislative Service Bureau shall not be considered as postretirement emp loyment with a public school of Oklahoma. RBH No. 6236 Req. No. 6236 Page 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 D. The Board of Trustees of the Teachers' Retirement System of Oklahoma shall promulgate such rules as are necessary to implement the provisions of this section. E. A member who has entered into postretirement em ployment with a participating employer of the Teachers' Retirement System of Oklahoma must fully comply with all the provisions of the rules promulgated by the Board of Trustees pursuant to this section in order to continue receiving his or her monthly ret irement benefit. SECTION 3. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 6 -101.6c of Title 70, unless there is created a duplication in numbering, reads as follows: A school district that employs a ret ired member of the Teachers ' Retirement System of Oklahoma shall not be subject to any provisions of law related to pretermination procedures and the school district shall not have any legal obligation to enter into a postretirement employment contract. A ll such postretirement employment contracts shall be for a period of no longer than twelve (12) months as agreed to by the school district and the retired member. No school district shall be obligated to rehire a retired member with whom the district has previously entered into a postretirement employment contract. SECTION 4. AMENDATORY Section 3, Chapter 394, O.S.L. 2013, as last amended by Section 1, Chapter 10, 2nd Extraordinary RBH No. 6236 Req. No. 6236 Page 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Session, O.S.L. 2018 (70 O.S. Supp. 2020 , Section 18-114.14), is amended to read as follows: Section 18-114.14 A. Beginning with the 2018 -2019 school year, certified personnel, as defined in Section 26 -103 of this title, in the public schools of Oklahoma shall receive in salary and/or fringe benefits not less than the amounts specified in the following schedule: MINIMUM SALARY SCHEDULE National Years of Bachelor's Board Master's Doctor's Experience Degree Certification Degree Degree 0 $36,601 $37,759 $37,991 $39,381 1 $37,035 $38,193 $38,425 $39,815 2 $37,469 $38,628 $38,859 $40,249 3 $37,904 $39,062 $39,294 $40,684 4 $38,338 $39,496 $39,728 $41,118 5 $38,810 $39,968 $40,200 $41,590 6 $39,273 $40,432 $40,663 $42,054 7 $39,737 $40,895 $41,127 $42,517 8 $40,200 $41,358 $41,590 $42,980 9 $40,663 $41,822 $42,054 $43,444 10 $41,684 $42,844 $43,568 $45,945 11 $42,177 $43,336 $44,061 $46,438 12 $42,670 $43,829 $44,554 $46,931 RBH No. 6236 Req. No. 6236 Page 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 13 $43,162 $44,322 $45,047 $47,424 14 $43,655 $44,815 $45,539 $47,916 15 $44,167 $45,327 $46,052 $48,430 16 $44,660 $45,820 $46,545 $48,923 17 $45,153 $46,313 $47,038 $49,416 18 $45,646 $46,806 $47,531 $49,909 19 $46,139 $47,299 $48,024 $50,402 20 $46,652 $47,813 $48,538 $50,917 21 $47,145 $48,306 $49,031 $51,410 22 $47,639 $48,799 $49,524 $51,903 23 $48,132 $49,292 $50,018 $52,397 24 $48,625 $49,785 $50,511 $52,890 25 $50,049 $51,232 $51,971 $54,395 Master's Degree + Years of National Board Experience Certification 0 $39,149 1 $39,583 2 $40,018 3 $40,452 4 $40,886 5 $41,358 6 $41,822 7 $42,285 RBH No. 6236 Req. No. 6236 Page 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 8 $42,749 9 $43,212 10 $44,728 11 $45,221 12 $45,713 13 $46,206 14 $46,699 15 $47,212 16 $47,705 17 $48,198 18 $48,691 19 $49,184 20 $49,698 21 $50,192 22 $50,685 23 $51,178 24 $51,671 25 $53,153 B. 1. When determining the Minimum Salary Schedule, "fringe benefits" shall mean all or part of retirem ent benefits, excluding the contributions made pursuant to subsection A of Section 17 -108.1 of this title and the flexible benefit allowance pursuant to Section 26-105 of this title from the flexible benefit allowance funds disbursed by the State Board of Education and the State Board of RBH No. 6236 Req. No. 6236 Page 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Career and Technology Education pursuant to Section 26 -104 of this title. 2. If a school district intends to provide retirement benefits to a teacher such that the teacher's salary would be less than the amounts set forth in the minimum salary schedule specified in subsection A of this section, the district shall be required to provide written notification to the teacher prior to his or her employment or, if already employed by the district, no later than thirty (30) days prior to the date the district elects to provide retirement benefits such that the teacher's salary would be less than the minimum salary schedule. C. Any of the degrees referred to in this section shall be from a college recognized by the State Board of E ducation. The Board shall accept teaching experience from out -of-state school districts that are accredited by the state board of education or appropriate state accrediting agency for the districts. The Board shall accept teaching experience from out -of-country schools that are accredited or otherwise endorsed by the appropriate national or regional accrediting or endorsement authority. Out -of-country certification documentation in a language other than English shall be analyzed by an educational credent ial evaluation service in accordance with industry standards and guidelines and approved by the State Department of Education. The person seeking to have credit granted for out-of-country teaching experience shall be responsible for all RBH No. 6236 Req. No. 6236 Page 19 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 costs of the analysis by a credential evaluation service. The Board shall accept teaching experience from primary and secondary schools that are operated by the United States Department of Defense or are affiliated with the United States Department of State. D. For the purpose of state salary increments and retirement, no teacher shall be granted credit for more than five (5) years of active duty in the military service or out -of-state or out-of- country teaching experience as a certified teacher or its equivalent. Nothing in this section shall prohibit boards of education from crediting more years of experience on district salary schedules than those allowed for state purposes. E. The State Board of Education shall recognize, for purposes of certification and salary incre ments, all the years of experience of a: 1. Certified teacher who teaches in the educational program of the Department of Corrections, beginning with fiscal year 1981; 2. Vocational rehabilitation counselor under the Department of Human Services if the c ounselor was employed as a certified teacher by the State Department of Education when the Division of Vocational Rehabilitation was transferred from the State Board of Career and Technology Education or the State Board of Education to the Oklahoma Public Welfare Commission on July 1, 1968; 3. Vocational rehabilitation counselor which were completed while employed by the Department of Human Services if such counselor RBH No. 6236 Req. No. 6236 Page 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 was certified as a teacher or was eligible for certification as a teacher in Oklahoma; 4. Certified teacher which were completed while employed by the Department of Human Services Child Study Center at University Hospital, if the teacher was certified as a teacher in Oklahoma; and 5. Certified school psychologist or psychometrist which were completed while employed as a doctoral intern, psychological assistant, or psychologist with any agency of the State of Oklahoma if the experience primarily involved work with persons of school - or preschool-age and if the person was, at the time the experi ence was acquired, certified as, or eligible for certification as, a school psychologist or psychometrist. F. The provisions of this section shall not apply to teachers who have retired from the Teachers ' Retirement System of Oklahoma and who have entered into postretirement employment with a public school in Oklahoma and are still receiving a monthly retirement benefit. G. If a person employed as certified personnel, as defined in Section 26-103 of this title, by a school district during the 2017 - 2018 school year was receiving a salary above the step level indicated by the State Minimum Salary Schedule for the 2017 -2018 school year, the person shall receive a salary increase amount equal to the amount indicated in subsection A of this section for the step level indicated for the person, provided they remain employed by the RBH No. 6236 Req. No. 6236 Page 21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 same district, unless the hours or the duties of the certified personnel are reduced proportionately. SECTION 5. Section 1 of this act shall become effective October 1, 2021. SECTION 6. Sections 2, 3 and 4 of this act shall become effective November 1, 20 21. 58-1-6236 MAH 12/30/20 THOMAS E. CUMMINS CONSULTING ACTUARY, INC. 2512 E. 71 st Street , Suite D ∙ Tulsa, Oklahoma 74136 (918) 492-9658 ∙ (918) 492- 9659 January 18, 2021 Representative Dean Davis Room 500.3 Re: RBH No. 6236 RBH No. 6236 amends the earnings limitations for retired teacher who return to teaching. The new limits are $36,000 for the first year and no limit thereafter. The contains an amendment to OPLAAA defining nonfiscal bill to include the above change as nonfiscal. RBH No. 6236 is a nonfiscal bill as defined by OPLAAA due the change in OPLAAA. I am a member of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein. Thomas E. Cummins Thomas E. Cummins, MAAA