Sec. 9. (a) The funds may employ a common actuary or actuarial service.

     (b) At least once in every five (5) years and in every year in which this article is amended so that benefits are changed, the actuary shall make a separate actuarial investigation for each fund of the mortality, service, and compensation experience of the members and their beneficiaries and shall make a valuation of the assets and liabilities of the fund, using the “entry-age normal cost” method.

     (c) The actuarial investigation must include in the determination of the liability and the rates of contribution the amount necessary to fully fund past and estimated future cost of living increases for members of the public employees’ retirement fund amortized over a term determined by the board that does not exceed thirty (30) years.

     (d) After June 30, 2018, the actuarial valuation must:

(1) segregate any amounts attributable to estimated future postretirement benefit increases, thirteenth checks, or other benefit changes or adjustments granted by the general assembly after June 30, 2018, to members of the public employees’ retirement fund or the Indiana state teachers’ retirement fund; and

(2) track separately the following:

(A) The liability associated with the postretirement benefit increase assumption used in the actuarial valuation.

(B) The specific assets used to fund postretirement benefit increases.

(C) The granted use of the postretirement benefit increase funds, including related experience gains and losses.

     (e) The actuary performing the actuarial valuation shall, upon the board’s request, provide a summary of potential postretirement benefit increase options and the related estimated costs of each option.

As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.54-1993, SEC.9; P.L.246-2005, SEC.48; P.L.111-2015, SEC.2; P.L.127-2018, SEC.7.