(a) Selection. The Board shall select an actuary who shall give technical advice to the Board on the operation of the funds of the System and perform other related duties that the Board requires.
(b) Valuation of assets and liabilities. On the basis of actuarial assumptions that the Board adopts, each year the actuary shall make a valuation of the assets and liabilities of the pension fund of each plan. Each year no later than April 15 the Board shall recommend to the County Executive and the County Council the amounts of employer contributions. For purposes of actuarial valuation, the Board shall adopt a generally accepted method for determining the value of the assets held by the System. For general ledger accounting and financial reporting, the Board shall use generally accepted accounting principles.
(c) Study of plans. At least once in each five-year period, the actuary shall make a study of the compensation, mortality, and service experience of the participants of each of the plans and provide recommendations for any changes in actuarial assumptions and funding methods that shall include estimates of the effects such changes would have on the County's contributions to the pension fund of each plan. The Board shall review the results of the studies and valuations of the actuary and adopt the actuarial assumptions and funding methods for each of the plans as the Board considers necessary.
(1985 Code, Art. 7, § 2-208) (Bill No. 88-96; Bill No. 90-01)