87.165. Actuarial investigation--establishment of contribution rates and tables.
Actuarial investigation--establishment of contribution rates andtables.
87.165. 1. The actuary shall be the technical adviser ofthe board of trustees on matters regarding the operation of thefunds created by sections 87.120 to 87.370 and shall perform suchother duties as are required in connection therewith. He shallbe qualified by membership as a fellow in the Society ofActuaries.
2. The board of trustees shall have made every five years anactuarial investigation into the mortality, service andcompensation experiences of the members and beneficiaries of theretirement system and, taking into account the results of suchinvestigation and valuation, the board of trustees shallestablish for the retirement system such mortality, service andother tables as are deemed necessary.
3. On the basis of the tables as the board of trusteesadopt, the actuary shall make an annual valuation of the assetsand liabilities of the funds of the system.
4. On the basis of the valuation the board of trustees shallcertify the rates of contribution payable by the city.
(L. 1943 p. 708 § 5, A.L. 1959 S.B. 314 § 86.510)