Every 5 years an actuarial survey and investigation shall be made of the operating experience of the fund, including a study of the rates of mortality, disability, retirement and separations, and of other essential factors relating to the operations of the Fund. The survey also provides for a verification or redetermination of the rates of contribution by the government. At least once in each 5-year period between surveys, an actuarial valuation of the Fund is made showing the status of the fund and providing a verification or a redetermination of the rates of contribution by the government. At least once each year the Board shall obtain an actuarial opinion providing a verification or a redetermination of the rates of contribution by the government. The Board shall obtain and provide to the Governor and the Legislature an actuarial opinion of the cost of any proposed amendments affecting the operation of the Fund. The costs of the surveys, valuations, and opinions are paid by the Fund.History: 1971, PL 12-29 § 18; 1972, PL 12-48 § 10; 1981,PL 17-28 § 12; amd l985, PL I9-35 § 3.
Amendments: 1985 Deleted “from funds appropriated by the Legislature under 7.1447” and added “by the Fund”.