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OACT's mission is to perform actuarial valuations and provide actuarial support and expertise for the Military Retirement System, Military Health System, Education Benefits Fund; and the Voluntary Separation Incentive Fund.
OACT fulfills the Secretary of Defense's statutory requirements for actuarial funding determinations for these programs, and provides requisite actuarial support to the independent Boards of Actuaries that oversee the determination.
To be leaders in the evaluation of the future contingent events and risk related to the financial aspects of military benefits and to provide high-quality actuarial support to key stakeholders.
OACT provides actuarial liabilities and associated input for the Department's and government-wide financial statements; provides quarterly Incurred-But-Not-Reported reserve estimates for DoD health care programs; informing policy analysis of military benefit provisions and proposals by providing actuarial and cost analysis.
OACT provides actuarial support and products for the execution of benefit programs including the Survivor Benefit Plan; provides actuarial support and expertise on matters related to investing the assets of funds that finance military benefit programs; and provides actuarial and statistical information about the Military Retirement System.
OACT's customers include the Office of the Secretary of Defense, DoD services, including the US Coast Guard, United States Congress, military advocacy organizations, academic research institutions.