§ 114-74. Actuarial data, valuation and investigation.

A.

The board of trustees shall keep in convenient form such data as shall be necessary for actuarial valuation of various funds of the system and for checking the experience of the system.

B.

From time to time, the board of trustees shall adopt for the system such mortality, service and other tables as shall be deemed necessary and certify the rates of contribution payable under the provisions of this article. On the basis of such tables, the actuary shall make annually an actuarial valuation of the assets and liabilities of the funds of the system.

C.

At least once each five-year period, the board of trustees shall cause an actuarial investigation to be made into the mortality, service and compensation experience of the members, annuitants and beneficiaries of the system, and, on the basis of such investigation, shall recommend for adoption such tables and such rates as are required for the proper operation of the system.

(M.C.S., Ord. No. 26460, § 2, 6-18-15)