Act, program and funds by the board; annual actuarial evaluation.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

A. The provisions of the Volunteer Firefighters Retirement Act and the volunteer firefighters retirement program authorized under that act shall be administered by the board. The provisions of law relating to the administration and investment of retirement funds administered by the board shall apply to all funds transferred and paid into the fund. In its administration of the volunteer firefighters retirement program, the board is authorized to promulgate rules and regulations.

B. The board shall provide for an annual actuarial evaluation of the fund and shall make recommendations to the legislature for any changes necessary to maintain the actuarial soundness of the fund.

C. The association shall remove a member’s information file from the association’s active database and enter it into an inactive database if qualifying documentation for the member has not been provided to the association for five consecutive years. A member’s information file that has been entered into an inactive database shall not be included in the board’s annual actuarial evaluation of the fund. The association shall return a member’s information file to the association’s active database if the association receives new qualifying documentation for the member.