If at any time the relief association's actuary certifies that the balance of the association's
fund, together with future contributions by active members and contributions by the state, or the
city, or both, and earnings thereon, will be inadequate to provide future prescribed benefits for
active and inactive members and their beneficiaries, the board of trustees of the association, by
majority vote, may decrease the benefits provided for in sections 18-11-15, 18-11-16, and
18-11-17 in accordance with actuarial recommendations to assure the solvency of the fund and
subject to the following conditions:
1.The benefit for existing and future retirees and pension recipients may not be less than
the benefit paid in the previous calendar year to an existing retiree of similar status.
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If at any time the relief association's actuary certifies that the balance of the association's
fund, together with future contributions by active members and contributions by the state, or the
city, or both, and earnings thereon, will be inadequate to provide future prescribed benefits for
active and inactive members and their beneficiaries, the board of trustees of the association, by
majority vote, may decrease the benefits provided for in sections 18-11-15, 18-11-16, and
18-11-17 in accordance with actuarial recommendations to assure the solvency of the fund and
subject to the following conditions:
1. The benefit for existing and future retirees and pension recipients may not be less than
the benefit paid in the previous calendar year to an existing retiree of similar status.
2. The reduction must be based upon actuarial recommendations which take into
consideration pension benefit standards for similarly funded plans.
3. When the balance of the association's state fund, together with future contributions by
active members, and contributions by the state, or the city, or both, and earnings
thereon, are sufficient to provide future prescribed benefits for active and inactive
members and their beneficiaries, benefits shall again be paid as prescribed by
sections 18-11-15, 18-11-16, and 18-11-17 if such action is recommended after
actuarial study and the action is approved by a majority vote of the board of trustees of
the association.
Decisions of the board of trustees, made in good faith and based upon actuarial
recommendations with respect to benefit adjustments under this section, are final and
supersede any previous actions or bylaws of the association. The members of the board of
trustees must be indemnified from the funds of the association for any claims or expenses of
defending claims arising from decisions made in good faith and based upon actuarial
recommendations under this section.