43:15A-19 - Actuarial information and investigation; tables; rates of contribution - New Jersey Statutes

43:15A-19.  Actuarial information and investigation;  tables;  rates of contribution
    The actuary shall recommend, and the Division of Pensions shall keep in convenient form, such data as shall be necessary for actuarial valuation of the  various funds created by this act.  At least once in every 3-year period, the  actuary shall make an actuarial investigation into the mortality, service, and  compensation or salary experience of the members and beneficiaries as defined  in this chapter and shall make a valuation of the assets and liabilities of the  various funds created by this act.  Upon the basis of such investigation and  valuation, with the advice of the actuary, the board shall:

    a.  Adopt for the retirement system such mortality, service and other tables  as shall be deemed necessary;  and,

    b.  Certify the rates of contribution, expressed as a proportion of the compensation of members which shall be made by the State and other employers to  the contingent reserve fund.

     L.1954, c. 84, p. 487, s. 19.  Amended by L.1971, c. 213, s. 7, eff. June 17,  1971;  L.1972, c. 157, s. 2;  L.1979, c. 106, s. 2, eff. July 1, 1979.