§ 602.9116 — Actuarial valuation

Iowa § 602.9116

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 602: JUDICIAL BRANCH

Text

1. The court administrator shall cause an actuarial valuation to be made of the assets and
liabilities of the judicial retirement fund at least once every four years commencing with the
fiscal year beginning July 1, 1981. For each fiscal year in which an actuarial valuation is not
conducted, the court administrator shall cause an annual actuarial update to be prepared
for the purpose of determining the adequacy of the contribution rates specified in section
602.9104. The court administrator shall adopt actuarial methods and assumptions, mortality
tables, and other necessary factors for use in the actuarial calculations required for the
valuation upon the recommendation of the actuary. In addition, effective with the fiscal year
beginning July 1, 2008, the actuarial valuation or actuarial update required to be conducted
shall include information as required by section 97D.5. Following the actuarial valuation or
annual actuarial update, the court administrator shall determine the condition of the system,
determine the actuarially required contribution rate for each fiscal year which is the rate
required by the system to discharge its liabilities, stated as a percentage of the basic salary
of all judges covered under this article, and shall report any findings and recommendations
to the general assembly.

2. The cost of the actuarial valuation or annual actuarial update shall be paid from the
judicial retirement fund.
3. The court administrator shall submit to the general assembly a copy of each actuarial
valuation and annual actuarial update.

Legislative History

[C81, §605A.18]