Section 3-12-120 - Annual actuarial valuation of system--Scope of valuation. - South Dakota Statutes

3-12-120. Annual actuarial valuation of system--Scope of valuation. To determine and verify the adequacy of the members and employer contributions to the system, an actuarial valuation of the system shall be made by an approved actuary annually.
The actuarial valuation shall include:
(1) A demonstration of the relationship of the current member and employer contributions, expressed as a percentage of payroll, to the actuarial requirement; and
(2) The current year's funded ratio as well as the ratios from the prior actuarial valuations performed after July 1, 1974.

Source: SL 1974, ch 35, § 74; SL 1996, ch 27; SL 2004, ch 42, § 13.