§ 4-8-12. Actuarial investigations and valuations.

A.

The board shall keep in convenient form such data as shall be necessary for the actuarial investigations and valuations of the trust fund created by this title. The board shall cause to be made actuarial valuations of the plan, the next of which shall be made as of July 1, 1989, and subsequent valuations not less frequently than once every two years thereafter. The board shall also cause to be made actuarial investigations into the mortality, service compensation, and other experience of the participants and their beneficiaries as defined in this title, not less frequently than once every six years, the next of which shall be made as of June 30, 1990. Upon the basis of such investigations and valuations, and subject to the approval of the council, the board shall adopt for the plan such mortality, service and other bases as shall be necessary.

B.

The board shall promptly transmit to the council a report covering each actuarial investigation and actuarial valuation as completed pursuant to this section.

(Code 1985, § 25-13; Ord. No. 3907, § 1, 12-5-1989)