(1) The board of trustees shall designate an actuary who shall be the technical adviser of the board of trustees on matters regarding the operation of the funds created by the provisions of this chapter and shall perform such other duties as are required in connection therewith.
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Terms Used In Tennessee Code 49-1506

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
  • Retirement system: means the Tennessee consolidated retirement system as defined in §. See Tennessee Code 8-34-101
  • Service: means service as a general employee, a teacher, a state police officer, a wildlife officer, a firefighter, a police officer, a state judge, a county judge, an attorney general, a commissioner or a county official which is paid for by an employer, and also includes service for which a former member of the general assembly is entitled to under former §. See Tennessee Code 8-34-101
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) The actuary shall make such investigation of the mortality, service, and compensation experience of the members of the system, as he shall recommend and the board of trustees shall authorize, and on the basis of such investigation he shall recommend for adoption by the board of trustees such tables and such rates as are required in subsection (3) of this section. The board of trustees shall adopt tables, and certify the rates of contribution required under this chapter.
(3) At least once in each six (6) year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system, and taking into account the result of such investigation and valuation, the board of trustees shall adopt for the retirement system such mortality, service and other tables as shall be deemed necessary.
(4) On the basis of such tables as the board of trustees shall adopt, the actuary shall make a valuation at least once in each two (2) year period of the assets and liabilities of the accounts of the system created by this chapter.
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