Washington Code 41.28.060 – Board of administration to administer system — Powers and duties — Actuarial investigations and valuations — Reports, records, and accounts
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The administration of the retirement system is hereby vested in the board of administration created in RCW 41.28.080. The board shall exercise the powers and duties conferred upon it by said section, and in addition thereto:
Terms Used In Washington Code 41.28.060
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: shall mean "board of administration" as provided in RCW 41. See Washington Code 41.28.010
- City: shall mean any city of the first class as described in RCW 41. See Washington Code 41.28.010
- Compensation: shall mean the compensation payable in cash, plus the monetary value, as determined by the board of administration, of any allowance in lieu thereof. See Washington Code 41.28.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Retirement fund: shall mean "employees' retirement fund" as created and established in RCW 41. See Washington Code 41.28.010
- Retirement system: shall mean "employees' retirement system" provided for in RCW 41. See Washington Code 41.28.010
(1) The board shall keep in convenient form such data as shall be necessary for the actuarial valuation of the retirement fund created by this chapter. At the end of the five-year period beginning with the year 1939, and at the end of every five-year period thereafter, the board shall cause to be made an actuarial investigation into the mortality, service and compensation experience of the members, and beneficiaries as defined by this chapter; and shall further cause to be made an actuarial valuation of the assets and liabilities of the retirement fund, and upon the basis of such investigation and valuation and subject to the approval of the city council or city commission, shall:
(a) Make any necessary changes in the rate of interest;
(b) Adopt for the retirement system such mortality, service and other tables as shall be necessary;
(c) Revise or change the rates of contribution by members on the basis of such mortality, service and other tables.
(2) The board shall promptly transmit to the city council or city commission a report covering the actuarial investigation and actuarial valuation provided for in subdivision (1) of this section.
(3) In addition to other records and accounts, the board shall keep such detailed reports and accounts as shall be necessary to show the financial condition of the retirement fund at all times.
(4) The board shall annually transmit to the city council or city commission a report showing the financial condition of the fund established by this chapter.
[ 1939 c 207 § 7; RRS § 9592-107.]