49-7-820 - Actuarial soundness of funds.
49-7-820. Actuarial soundness of funds.
(a) The board shall obtain appropriate actuarial assistance to establish, and maintain, and certify a fund sufficient to defray the obligation of the trust funds. The actuary shall recommend to the board, and the board shall adopt, actuarial assumptions and appropriate actuarial tables for use in all calculations in connection with the program.
(b) At least once in each six-year period, the actuary shall make an actuarial investigation into the assumptions and tables used in the program, and taking into account the results of the investigation, the board shall adopt for the program the actuarial assumptions and tables that are deemed necessary.
(c) The board of trustees shall keep in convenient form data necessary for actuarial valuation of the fund and for checking the experience of the program.
(d) On the basis of the tables and assumptions the board of trustees adopts, the actuary shall make a valuation, at least once each year, of the assets and liabilities of the funds.
[Acts 1996, ch. 991, § 1; T.C.A., § 49-7-818; Acts 1999, ch. 233, §§ 31, 32.]