Rhode Island General Laws 45-65-5. Actuarial valuation methodology
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Actuarial methods used by the actuary in preparing an actuarial experience study or annual actuarial valuation shall be in compliance with accepted actuarial standards and applicable public pension accounting laws, rules and regulations. The actuary shall not, year to year, change actuarial methods for the sole purpose of achieving a more favorable funding or fiscal result. Any actuarial study shall be made by the actuary in good faith and in accordance with accepted actuarial standards.
History of Section.
P.L. 2011, ch. 408, § 22; P.L. 2011, ch. 409, § 22.
Terms Used In Rhode Island General Laws 45-65-5
- Actuarial experience study: means a report provided by an actuary that includes a recent discussion of plan experience, recommendations for actuarial assumptions and methods, and information about the actuarial impact of these recommendations on the liabilities and other key actuarial measures. See Rhode Island General Laws 45-65-4