§ 11-14. Actuarial studies.

(a)

At least once in each two-year period, each board shall cause an actuarial investigation to be made into the mortality, service and compensation experience of the members and beneficiaries of the plan. Taking into account the result of this investigation, each board shall adopt for the plan such mortality, service and other tables as are necessary and proper.

(b)

The actuarial value of assets held by the plan shall be designated as the lower of moving market value average (three (3) years) or statement value. Each board may approve other methods of determining the actuarial value of plan assets if such other methods are recommended by the actuary retained by the board and found by the department of insurance to be in compliance with state law. Prior to the first meeting of the board to consider a change in the method of determining the actuarial value of plan assets, the board shall give timely, written notice to the city of the proposed change.

(c)

Actuarial assumptions based on three-year experience analyses may be modified by each board at such times as it deems appropriate, but not more frequently than once annually. At all times the board shall comply with the requirements of subsection 11-13(h)(2). When a change in actuarial assumptions is considered by the board, sixty (60) days' notice shall be given to the city manager prior to the first meeting of the board to consider any such change or any proposal or recommendation related thereto. Thereafter, reasonable notice shall be given to the city manager of any and all subsequent meetings at which the issue of a change in the actuarial assumptions or a related proposal or recommendation is to be considered.

(Ord. No. 124-X-O, § 1(16-6), 9-12-89; Ord. No. 124-X-P, § 1, 12-18-90; Ord. No. 124-X-Y, § 3, 10-11-94)