Section 104.220

Title VIII PUBLIC OFFICERS AND EMPLOYEES, BONDS AND RECORDS

Chapter 104

Effective - 28 Aug 1983   

  104.220.  Actuary, selection, duties. — The board of trustees may select and employ an actuary who shall serve at its pleasure as its technical adviser on matters regarding the operation of the system, or may call upon the director of the department of commerce and insurance for actuarial service, which shall be furnished by him.  The actuary shall:

  (1)  During the first year of operation of the system, or as soon as practicable, and at least once every five years thereafter, make a general investigation of the mortality, retirement, disability, death, employment turnover, interest, and earnable compensation experience of the system;

  (2)  Recommend mortality and other tables to be used for all required actuarial calculations;

  (3)  Make an annual valuation of the liabilities, assets, and reserves of the system, and a determination of the amounts of contributions required by the system to discharge the liabilities and administration costs under sections 104.010 to 104.270, and certify the results thereof to the board; and

  (4)  Perform such other duties as may be assigned to him by the board.

­­--------

(L. 1955 p. 718 § 12, A.L. 1983 H.B. 713 Revision)