18A:66-58 - Actuary's report
18A:66-58.Ā Actuary's report
The actuary shall recommend, and the Division of Pensions shall keep in convenient form, such data as shall be necessary for actuarial valuation of theĀ various funds created by this article.Ā At least once in every 3-year periodĀ the actuary shall make an actuarial investigation into the mortality, serviceĀ and compensation or salary experience of the members and beneficiaries asĀ defined in this article and shall make a valuation of the assets andĀ liabilities of the various funds created by this article.Ā Upon the basis ofĀ such investigation and valuation, with the advice of the actuary, the boardĀ shall:
(a) Adopt for the retirement system such mortality, service and other tablesĀ as shall be deemed necessary;Ā and
(b) Certify the rates of contribution, expressed as a proportion of the compensation of members, which shall be made by the State to the contingent reserve fund.
Ā L.1967, c.271; amended by L.1971, c. 121, s. 31, eff. April 29, 1971;Ā L.1972, c. 157, s. 1; L.1979, c. 106, s. 7, s. eff. July 1, 1979.
Ā
The actuary shall recommend, and the Division of Pensions shall keep in convenient form, such data as shall be necessary for actuarial valuation of theĀ various funds created by this article.Ā At least once in every 3-year periodĀ the actuary shall make an actuarial investigation into the mortality, serviceĀ and compensation or salary experience of the members and beneficiaries asĀ defined in this article and shall make a valuation of the assets andĀ liabilities of the various funds created by this article.Ā Upon the basis ofĀ such investigation and valuation, with the advice of the actuary, the boardĀ shall:
(a) Adopt for the retirement system such mortality, service and other tablesĀ as shall be deemed necessary;Ā and
(b) Certify the rates of contribution, expressed as a proportion of the compensation of members, which shall be made by the State to the contingent reserve fund.
Ā L.1967, c.271; amended by L.1971, c. 121, s. 31, eff. April 29, 1971;Ā L.1972, c. 157, s. 1; L.1979, c. 106, s. 7, s. eff. July 1, 1979.
Ā