Louisiana Revised Statutes 11:951.21 – Actuary; appointment; duties and powers
Terms Used In Louisiana Revised Statutes 11:951.21
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of trustees: means and includes the members of the board of trustees of the retirement system. See Louisiana Revised Statutes 11:951.1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Retirement: means withdrawal from active service with a retirement allowance allowable under the provisions of this Part. See Louisiana Revised Statutes 11:951.1
- Retirement system: means the corporation known as the Orleans Parish School Employees' Retirement System established in La. See Louisiana Revised Statutes 11:951.1
- Service: means service rendered by an employee as herein defined. See Louisiana Revised Statutes 11:951.1
A. The board of trustees shall designate an actuary who shall be the technical advisor of the board of trustees on matters regarding the operation of this retirement system, and shall perform such other duties as are required in connection therewith.
B. The board of trustees shall keep in convenient form and furnish such data as shall be necessary for actuarial valuation and for checking the experience of this retirement system.
Immediately after the establishment of the system the actuary shall make such investigations of the mortality, service, and compensation experience of the participants as are required, and make recommendations for the adoption by the board in accordance with the investigations. The board shall adopt such service and mortality tables as it shall approve, and as soon as practicable thereafter the actuary shall make a valuation based on such tables and rates, of the assets and liabilities of the funds created by this Part.
C. Within three years after the first evaluation and at least once in each five-year period thereafter, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the participants and beneficiaries of the system, and make a valuation of the prospective assets and liabilities of the system, and taking into account the result of such investigation and valuation, the board of trustees shall:
(1) Adopt such mortality, service, and other tables as shall be deemed necessary; and
(2) Establish such rates of contribution as it shall deem desirable.
D. On the basis of such tables as the board of trustees shall adopt, the actuary shall make a valuation of the assets and liabilities of the system.
Redesignated from La. Rev. Stat. 17:1041 pursuant to La. Rev. Stat. 24:253.