§ 36-12.1-18 - Periodic actuarial investigations and valuations. - Rhode Island Statutes

SECTION 36-12.1-18

   § 36-12.1-18  Periodic actuarialinvestigations and valuations. – Every year beginning with fiscal year 2012 on a schedule in accordance withgenerally accepted accounting principles, the actuary shall make an actuarialinvestigation into the mortality, service, and compensation experience of themembers and beneficiaries of the OPEB System, and shall make a valuation of theassets and liabilities of the system, and, taking into account the result ofthe investigation and valuation, the OPEB Board shall:

   (1) Adopt for the OPEB System, such mortality, service, andother tables as shall be deemed necessary in the OPEB System; and

   (2) Certify the levels of contribution payable by the stateof Rhode Island to carry out the provisions of chapters 12, 12.1, and 12.2 ofthis title.

   (3) Certify the levels of contribution payable by the Boardof Governors for Higher Education to carry out the provisions of chapter 17.1of title 16.

   On the basis of such tables as the OPEB Board shall adopt,the actuary shall make a valuation of the liabilities of the funds of thesystem created by this chapter and the investment advisor or investment managerappointed by the OPEB Board shall make a valuation of the assets of the OPEBSystem.