The retirement board shall retain an actuary who is a member in good standing of the American Academy of Actuaries to produce an annual actuarial report of the Fund. The annual actuarial report shall include, but not be limited to: (1) a statement of the minimum required contribution, the actuarial value of the Fund’s assets as projected over at least 30 years’ time, and the actuarial value of the Fund’s liabilities as projected over the same period of time; and (2) the minimum required employer contribution, as determined under Section 9-169.2, for the second year immediately following the year ending on the valuation date upon which the annual actuarial report is based.
     The annual actuarial report may be prepared as part of the annual audit required under Section 9-195. The annual actuarial report shall be reviewed and formally adopted by the retirement board and shall be included in the annual report that is required to be submitted to the county in July of each year under Section 9-199.
     In this Section, “valuation date” means the date that the value of the assets and liabilities of the Fund is based on in the annual actuarial report.