87.345. Accrued liability contribution discontinued, when--decreased, when--changes amortized, when.
Accrued liability contribution discontinued, when--decreased,when--changes amortized, when.
87.345. The accrued liability contribution should bediscontinued as soon as the accumulated reserve in the generalreserve fund shall equal the present value as actuariallycomputed and approved by the board of trustees, of the totalliability of the fund, less the present value computed on thebasis of the normal contribution rate then in force of theprospective normal contributions to be received on account ofpersons who are at that time members. The accrued liabilitycontribution rate may be decreased by the board of trusteesprovided the reduced level rate does not require an amortizationperiod extending beyond the year 2010 for any accrued liabilityas of August 31, 1980. Subsequent to that date, any changes inthe accrued liability by reason of changes in the benefitspayable under the retirement system, changes in the actuarialassumptions, or changes in the actuarial funding method are to beamortized over a period not exceeding thirty years from the datein which the additional accrued liabilities are recognized in theannual actuarial valuation of the system.
(L. 1943 p. 708 § 8, A.L. 1959 S.B. 314 § 86.600, A.L. 1983 H.B. 694 & 171)