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Sec. 1158.  Actuarial Standards.
 
   (a)   Reserve Basis.  The Board of Administration shall adopt an actuarial report showing the cost of maintaining, upon a reserve basis, the System and Fund, and shall, at intervals of not to exceed five years, cause to be made an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries, and shall further cause to be made an actuarial valuation of the assets and liabilities of the Retirement Fund.  The board shall keep in convenient form any data necessary for the actuarial valuation of the Retirement Fund established in Section 1154.
 
   (b)   Setting Actuarial Assumptions.  Upon the basis of the investigation and valuation, the Board of Administration shall:
 
   (1)   adopt for the System an interest rate and mortality, service and other tables as deemed necessary by the board; and
 
   (2)   revise or change the rates of the City contributions on the basis of these mortality, service and other tables.
 
   (c)   Records.  In addition to other records and accounts, the board shall keep any records and accounts necessary to show at any time:
 
   (1)   the total accumulated contributions of the Members, both individually and collectively;
 
   (2)   the total accumulated contributions of Retired Members, less the total annuity payments made to such retired members; and
 
   (3)   separately the amounts paid into the fund by the City on account of that part of the cost of the System to be borne by the City.
 
   (d)   Annual Report.  The board shall prepare at the close of each fiscal year a financial statement showing the assets and liabilities of the Retirement System and Fund.