104.220. Actuary, selection, duties.
Actuary, selection, duties.
104.220. The board of trustees may select and employ an actuary whoshall serve at its pleasure as its technical adviser on matters regarding theoperation of the system, or may call upon the director of the department ofinsurance, financial institutions and professional registration for actuarialservice, which shall be furnished by him. The actuary shall:
(1) During the first year of operation of the system, or as soon aspracticable, and at least once every five years thereafter, make a generalinvestigation of the mortality, retirement, disability, death, employmentturnover, interest, and earnable compensation experience of the system;
(2) Recommend mortality and other tables to be used for all requiredactuarial calculations;
(3) Make an annual valuation of the liabilities, assets, and reserves ofthe system, and a determination of the amounts of contributions required bythe system to discharge the liabilities and administration costs undersections 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)