§ 135-43.4. Committee on Actuarial Valuation of Retired Employees' Health Benefits.

§ 135‑43.4.  Committeeon Actuarial Valuation of Retired Employees' Health Benefits.

(a)        There isestablished the Committee on Actuarial Valuation of Retired Employees' HealthBenefits. The Committee shall be responsible for collecting data and reviewingassumptions for the sole purpose of conducting required actuarial valuations ofState supported retired employees' health benefits under other post‑employmentbenefit accounting standards set forth by the Governmental Accounting StandardsBoard of the Financial Accounting Foundation.

(b)        The Committee onActuarial Valuation of Retired Employees' Health Benefits shall consist of fivemembers serving ex officio, as follows:

(1)        The State BudgetOfficer, who shall serve as the Chair;

(2)        The State Auditor;

(3)        The StateController;

(4)        The State Treasurer;and

(5)        The ExecutiveAdministrator for the Teachers' and the State Employees' Comprehensive MajorMedical Plan [State Health Plan for Teachers and State Employees].

(c)        A majority of themembers of the Committee then serving shall constitute a quorum.

(d)        Each member shallbe entitled to one vote on the Committee. Three affirmative votes shall benecessary for a decision by the members at any meeting of the Committee.

(e)        The Committee shallkeep in convenient form such data as is necessary for actuarial valuation ofretired employees' health benefits under accounting standards set forth by theGovernmental Accounting Standards Board of the Financial Accounting Foundation.The Department of State Treasurer, Retirement Systems Division, the StateHealth Plan for Teachers and State Employees, and any other State agency,department, or university institution, local public school agency, or localcommunity college institution shall provide any necessary data upon request ofthe Committee for the purpose of conducting its responsibilities.

(f)         The Committeeshall designate either the actuary under contract with the Department of StateTreasurer, Retirement Systems Division, or the actuary under contract with theState Health Plan for Teachers and State Employees as the technical adviser tothe Committee on matters regarding the actuarial valuation of retiredemployees' health benefits created by the provisions of this Chapter. Thetechnical advisor shall perform such actuarial valuation and other duties asare required under this Chapter.

(g)        The Committee shallsecure an annual calendar‑year actuarial valuation of retired employees'health benefits under accounting standards set forth by the GovernmentalAccounting Standards Board of the Financial Accounting Foundation.

(h)        The Committee shallkeep a record of all of its proceedings which shall be open to publicinspection.  (2007‑467,s. 1; 2007‑323, s. 28.22A(o); 2008‑168, s. 1(a), (c), (f).)