Louisiana Revised Statutes 11:1826 – A. The actuary shall be the technical advisor of the board on matters regarding the operation of the funds of the system.
Terms Used In Louisiana Revised Statutes 11:1826
- Agreement: means the document of participation between a participating employer and the board, that sets forth the requirements and procedures for covering the employees of such participating employer under this system. See Louisiana Revised Statutes 11:1732
- Disability: means a condition which in the determination of the board renders an employee permanently and totally disabled, by bodily injury or disease, leaving him incapable of any employment, provided that such condition is not, directly or indirectly, the result of military service, engaging in a felonious criminal enterprise, habitual drunkenness or use of narcotics, intentionally self-inflicted injury, or declared war or enemy action. See Louisiana Revised Statutes 11:1732
- Employee: means a person including an elected official, actively employed by a participating employer on a permanent, regularly scheduled basis of at least an average of thirty-five hours per week. See Louisiana Revised Statutes 11:1732
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
A. The actuary shall be the technical advisor of the board on matters regarding the operation of the funds of the system.
B. In Fiscal Year 2023-2024, and at least once every five years thereafter, the actuary shall make an actuarial investigation of the members as to mortality, disability, retirement, separation, marital status of employees, marriage of surviving spouses, interest, and employee earning rates.
C. In addition to such other duties as the board shall prescribe, the actuary shall:
(1) Recommend actuarial tables to be used for computing benefits and rate of contributions required of participating employers and members based on the investigation required by B, above.
(2) Make an annual valuation of the liabilities and reserves for present and prospective annuities and benefits, and certify to the correctness thereof.
(3) Review the terms of each new agreement as pertains to prior service, conduct such investigation as is necessary to determine the existing accrued liability, and recommend to the board the amount of employer contributions required to offset such liability.
Acts 1978, No. 788, §1; Redesignated from La. Rev. Stat. 33:7316 by Acts 1991, No. 74, §3, eff. June 25, 1991; Acts 2022, No. 248, §2, eff. June 30, 2022.