§ 8-3455 — Employer contributions - Minimum actuarial level - Annual rate increase to maintain - State comptroller reports

(A) Employer contributions to a retirement system which is at least at the minimum actuarial level shall be maintained at least at that level. Employer contributions to a retirement system which is not at least at minimum actuarial level shall be increased from year to year by increasing the rate at which annual employer contributions are determined by at least five per cent (5%) each year until the system reaches minimum actuarial level. (B) The state comptroller shall, on the basis of the reports submitted in accordance with § 8-3454 and assisted by an accredited consulting actuary, as deemed necessary, determine whether a retirement system is in compliance with this section. (C) The state comptroller shall make a report of the status, as to compliance with §§ 8-3453 - 8-3455, of retirement systems to the governor and to the general assembly before June 30, 1967, and such reports thereafter as he deems necessary or desirable.

Legislative History

Acts 1961, ch. 332, § 3; 1965, ch. 254, § 3.