§88-105  Actuarial investigations,
valuations.  (a)  At least once in each five-year period, commencing with
fiscal year 1994-1995, the actuary shall make an actuarial investigation of the
experience of the system and shall recommend to the board of trustees the
adoption for actuarial valuation of the system of mortality, service, and other
tables as shall be deemed appropriate and necessary, and the actuary shall
recommend to the legislature for its adoption the investment yield rate.  The
actuary shall further recommend the acceptable funded ratio for the system,
taking into consideration the guaranties of article XVI, section 2 of the state
constitution, section 88-107, and section 88-127.



(b)  Commencing with fiscal year 2009-2010, the
actuary shall recommend, based on the actuarial investigation, the appropriate
adjustments to the contribution rates under section 88-122(e).



(c)  On the basis of such tables and other
factors as the board or legislature, as the case may be, shall adopt, and
commencing with fiscal year 2005-2006 and the contribution rates of section
88-122(e), the actuary shall make an annual valuation of the assets and
liabilities of the funds of the system. [L 1925, c 55, §5(14), (15), (16); am
imp L 1927, c 251; RL 1935, pt of §7924; RL 1945, pt of §707; RL 1955, §6-71;
am L 1964, c 62, §9; HRS §88-95; am L 1969, c 110, pt of §1; am L 1994, c 276,
§5; am L 2004, c 181, §1; am L 2007, c 256, §2]



 



Attorney General Opinions



 



  Change to "unisex" option factor tables valid. 
Att. Gen. Op. 82-3.