§ 49-1506 — Actuary - Duties

(1) The board of trustees shall designate an actuary who shall be the technical adviser of the board of trustees on matters regarding the operation of the funds created by the provisions of this chapter and shall perform such other duties as are required in connection therewith. (2) The actuary shall make such investigation of the mortality, service, and compensation experience of the members of the system, as he shall recommend and the board of trustees shall authorize, and on the basis of such investigation he shall recommend for adoption by the board of trustees such tables and such rates as are required in subsection (3) of this section. The board of trustees shall adopt tables, and certify the rates of contribution required under this chapter. (3) At least once in each six (6) year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system, and taking into account the result of such investigation and valuation, the board of trustees shall adopt for the retirement system such mortality, service and other tables as shall be deemed necessary. (4) On the basis of such tables as the board of trustees shall adopt, the actuary shall make a valuation at least once in each two (2) year period of the assets and liabilities of the accounts of the system created by this chapter.

Legislative History

Acts 1945, ch. 29, § 6; C. Supp. 1950, § 2540.6 (Williams, § 2524.6); modified; Acts 1961, ch. 62, § 1; 1965, ch. 170, § 2.