61.670 Actuarial bases -- Actuary for Legislative Research Commission. - Kentucky Statutes

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61.670 Actuarial bases -- Actuary for Legislative Research Commission. (1) As soon as practicable after its organization, the board shall adopt the actuarial tables necessary for the administration of the system and for the annual
determination of assets and liabilities of the system. The board shall cause an
actuarial valuation to be made annually. The valuation shall include a description of
the actuarial assumptions used, and the assumptions shall be reasonably related to
the experience of the system and represent the actuary's best estimate of anticipated
experience. At least once in each ten (10) year period, the board shall cause an
actuarial investigation to be made of all the experience under the retirement system.
Pursuant to the investigation the board shall, from time to time, revise the actuarial
tables previously adopted by the board and shall thereupon revise the bases of the
rates of contributions required under KRS 61.510 to 61.692, KRS 16.505 to 16.652,
and KRS 78.510 to 78.852. All the investigations and valuations shall be certified to
the board by a fellow of the Society of Actuaries. (2) A copy of each ten (10) year actuarial investigation and annual valuation shall be forwarded to the Legislative Research Commission. The annual valuation shall be
forwarded no later than ten (10) days after receipt by the board. (3) The Legislative Research Commission shall employ an actuary with the same qualifications as the actuary employed by the board, and the board shall, free of
charge, provide the actuary employed by the Commission with the same data
provided to its own actuary, and any supplementary data he may require. The
actuary employed by the Commission shall review the assumptions, determinations
and recommendations of the board actuary, and legislative proposals related to the
retirement systems, and report his findings to the Commission and to the board. The
board shall pay fifty percent (50%) of the cost of the Commission's actuary, and the
Commission shall pay the other fifty percent (50%). Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 406, sec. 5, effective July 15, 1994.