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161.400 Actuary.

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161.400 Actuary. (1) The board of trustees shall designate as actuary a competent person who shall be a fellow of the Conference of Consulting Actuaries or a member of the American <br>Academy of Actuaries. He shall be the technical adviser of the board on matters <br>regarding the operation of the funds of the system and shall perform such other <br>duties as are required in connection therewith. At least once in each six (6) year <br>period after the first year of operation of the system, the actuary shall make an <br>actuarial investigation into the actuarial assumptions used, including but not limited <br>to mortality, investment rate of return, and service and compensation of the <br>members and beneficiaries of the retirement system; and make a valuation of the <br>assets and liabilities of the funds of the system. At least annually the actuary shall <br>make an actuarial valuation of the retirement system. The valuation shall include a <br>description of the actuarial assumptions used, and the assumptions shall be <br>reasonably related to the experience of the system and represent the actuary's best <br>estimate of anticipated experience. On the basis of the results of the valuations, the <br>board of trustees shall make necessary changes in the retirement system within the <br>provisions of law and shall recommend the contributions payable by the state within <br>the limits specified in KRS 161.550. (2) Actuarial factors and actuarial cost factor tables in use by the retirement system for all purposes shall be determined by the actuary of the retirement system and <br>approved by the board of trustees by resolution and implemented without the <br>necessity of an administrative regulation. The assets of the system shall be valued at <br>market value, or at a modified market value determined by the board to be a prudent <br>measure of asset value. Effective July 1, 1992, the spread between investment and <br>salary assumptions shall be reviewed and adjusted at the time of actuarial valuation, <br>based upon the most recent five (5) year experience of the system. (3) A copy of each actuarial investigation and valuation shall be forwarded to the Legislative Research Commission no later than ten (10) days after receipt by the <br>board. Effective: July 1, 2002 <br>History: Amended 2002 Ky. Acts ch. 275, sec. 7, effective July 1, 2002. -- Amended 2000 Ky. Acts ch. 498, sec. 7, effective July 1, 2000. -- Amended 1990 Ky. Acts <br>ch. 442, sec. 19, effective July 1, 1990; and ch. 476, Pt. V, sec. 497, effective July <br>13, 1990. -- Amended 1980 Ky. Acts ch. 246, sec. 3, effective July 15, 1980. -- <br>Amended 1978 Ky. Acts ch. 152, sec. 2, effective March 28, 1978. -- Amended 1976 <br>Ky. Acts ch. 351, sec. 4, effective July 1, 1976. -- Amended 1962 Ky. Acts ch. 64, <br>sec. 3. -- Amended 1960 Ky. Acts ch. 44, sec. 5. -- Recodified 1942 Ky. Acts <br>ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-20. Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to <br>Section 653(1) of Acts Ch. 476.