§ 49-7-820 — Actuarial soundness of funds

(a) The board shall obtain appropriate actuarial assistance to establish, and maintain, and certify a fund sufficient to defray the obligation of the educational services plan. The actuary shall recommend to the board, and the board shall adopt, actuarial assumptions and appropriate actuarial tables for use in all calculations in connection with such plan. (b) At least once in each six-year period, the actuary shall make an actuarial investigation into the assumptions and tables used in the educational services plan, and taking into account the results of the investigation, the board shall adopt for the plan the actuarial assumptions and tables that are deemed necessary. (c) The board of trustees shall keep in convenient form data necessary for actuarial valuation of the fund and for checking the experience of such plan. (d) On the basis of the tables and assumptions the board of trustees adopts, the actuary shall make a valuation, at least once a year, of the assets and liabilities of the educational services program trust funds.

Legislative History

Amended by 2014 Tenn. Acts, ch. 910,s 22, eff. 5/13/2014. Acts 1996, ch. 991, § 1; T.C.A., §49-7-818; Acts 1999, ch. 233, §§ 31, 32.