Rhode Island General Laws 36-10.2-4. Actuarial valuation methodology
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Actuarial accounting methods used by the actuary in determining the funded percentage shall be determined by the board in compliance with all applicable public pension accounting laws, rules and regulations. The actuary or the board shall not, year to year, change actuarial methods for the sole purpose of achieving a more favorable funding or fiscal result. Any actuarial assumptions not determined by the board shall be made by the actuary in good faith and in accordance with accepted actuarial standards.
History of Section.
P.L. 2011, ch. 408, § 8; P.L. 2011, ch. 409, § 8.
Terms Used In Rhode Island General Laws 36-10.2-4
- Actuary: means the actuary selected from time to time and employed by the board in accordance with chapter 8 of this title. See Rhode Island General Laws 36-10.2-3
- board: means the retirement board of the Employees' Retirement System of the State of Rhode Island as defined in chapter 8 of this title. See Rhode Island General Laws 36-10.2-3
- Funded percentage: means the percentage equal to a fraction- the numerator of which is the actuarial value of the plan's assets, as determined by the actuary, and the denominator of which is the accrued liability of the plan, determined by the actuary using actuarial assumptions approved by the board. See Rhode Island General Laws 36-10.2-3