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§ 2.5-6 ANNUAL ACTUARIAL VALUATIONS.
   (a)   The board shall appoint an actuary for the purpose of providing annual valuations of the retirement fund. The actuary shall also serve as a technical advisor to the board and the executive director regarding the operations authorized by this chapter. The actuarial assumptions and tables used by the actuary shall assume such costs, liabilities, rates of interest, mortality, turnover and other factors as are reasonable, taking into account the experience of the fund and reasonable expectations, and shall be subject to board approval. At least 30 days before the date the board adopts actuarial assumptions to be used by the fund, the board shall submit to the city council a detailed report regarding the proposed actuarial assumptions. The report must include the fiscal impact of the proposed actuarial assumptions on the fund.
   (b)   The city shall engage an independent actuary every five years to perform an audit of the actuarial valuations, studies and reports of the fund in accordance with the provisions of Tex. Government Code § 802.1012, as amended.
(Ord. 20471-10-2012, § 2, passed 10-23-2012)