Indiana § 5-10.2-2-9 Actuarial investigation and valuation

Indiana Statutes

§ 5-10.2-2-9 — Actuarial investigation and valuation

Indiana § 5-10.2-2-9

Title 5STATE AND LOCAL ADMINISTRATION

Art. 10.2PUBLIC RETIREMENT AND DISABILITY

Ch. 2The Retirement Funds

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Bluebook

Ind. Code § 5-10.2-2-9 (2026).

Text

(a)The funds may employ a common actuary or actuarial service.

(b)At least once in every five (5) years and in every year in which this article is amended so that benefits are changed, the actuary shall make a separate actuarial investigation for each fund of the mortality, service, and compensation experience of the members and their beneficiaries and shall make a valuation of the assets and liabilities of the fund, using the "entry-age normal cost" method.

(c)The actuarial investigation must include in the determination of the liability and the rates of contribution the amount necessary to fully fund past and estimated future cost of living increases for members of the public employees' retirement fund amortized over a term determined by the board that does not exceed thirty (30) year

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(a) The funds may employ a common actuary
or actuarial service.
(b) At least once in every five (5) years and in every year in which
this article is amended so that benefits are changed, the actuary shall
make a separate actuarial investigation for each fund of the mortality,
service, and compensation experience of the members and their
beneficiaries and shall make a valuation of the assets and liabilities of
the fund, using the "entry-age normal cost" method.
(c) The actuarial investigation must include in the determination of
the liability and the rates of contribution the amount necessary to fully
fund past and estimated future cost of living increases for members of
the public employees' retirement fund amortized over a term
determined by the board that does not exceed thirty (30) years.
(d) After June 30, 2018, the actuarial valuation must:
(1) segregate any amounts attributable to estimated future
postretirement benefit increases, thirteenth checks, or other
benefit changes or adjustments granted by the general assembly
after June 30, 2018, to members of the public employees'
retirement fund or the Indiana state teachers' retirement fund; and
(2) track separately the following:
(A) The liability associated with the postretirement benefit
increase assumption used in the actuarial valuation.
(B) The specific assets used to fund postretirement benefit
increases.
(C) The granted use of the postretirement benefit increase
funds, including related experience gains and losses.
(e) The actuary performing the actuarial valuation shall, upon the
board's request, provide a summary of potential postretirement benefit
increase options and the related estimated costs of each option.
As added by Acts 1977, P.L.53, SEC.2. Amended by
P.L.54-1993, SEC.9; P.L.246-2005, SEC.48; P.L.111-2015, SEC.2;
P.L.127-2018, SEC.7.