161.400 Actuary. - Kentucky Statutes

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161.400 Actuary. (1) The board of trustees shall designate as actuary a competent person who shall be a fellow of the Conference of Consulting Actuaries or a member of the American
Academy of Actuaries. He shall be the technical adviser of the board on matters
regarding the operation of the funds of the system and shall perform such other
duties as are required in connection therewith. At least once in each six (6) year
period after the first year of operation of the system, the actuary shall make an
actuarial investigation into the actuarial assumptions used, including but not limited
to mortality, investment rate of return, and service and compensation of the
members and beneficiaries of the retirement system; and make a valuation of the
assets and liabilities of the funds of the system. At least annually the actuary shall
make an actuarial valuation of the retirement system. 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. On the basis of the results of the valuations, the
board of trustees shall make necessary changes in the retirement system within the
provisions of law and shall recommend the contributions payable by the state within
the limits specified in KRS 161.550. (2) Actuarial factors and actuarial cost factor tables in use by the retirement system for all purposes shall be determined by the actuary of the retirement system and
approved by the board of trustees by resolution and implemented without the
necessity of an administrative regulation. The assets of the system shall be valued at
market value, or at a modified market value determined by the board to be a prudent
measure of asset value. Effective July 1, 1992, the spread between investment and
salary assumptions shall be reviewed and adjusted at the time of actuarial valuation,
based upon the most recent five (5) year experience of the system. (3) A copy of each actuarial investigation and valuation shall be forwarded to the Legislative Research Commission no later than ten (10) days after receipt by the
board. Effective: July 1, 2002
History: Amended 2002 Ky. Acts ch. 275, sec. 7, effective July 1, 2002. -- Amended 2000 Ky. Acts ch. 498, sec. 7, effective July 1, 2000. -- Amended 1990 Ky. Acts
ch. 442, sec. 19, effective July 1, 1990; and ch. 476, Pt. V, sec. 497, effective July
13, 1990. -- Amended 1980 Ky. Acts ch. 246, sec. 3, effective July 15, 1980. --
Amended 1978 Ky. Acts ch. 152, sec. 2, effective March 28, 1978. -- Amended 1976
Ky. Acts ch. 351, sec. 4, effective July 1, 1976. -- Amended 1962 Ky. Acts ch. 64,
sec. 3. -- Amended 1960 Ky. Acts ch. 44, sec. 5. -- Recodified 1942 Ky. Acts
ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-20. Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to
Section 653(1) of Acts Ch. 476.