Texas Government Code 845.206 – Actuary
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(a) The board of trustees shall appoint an actuary.
(b) The actuary shall perform duties in connection with advising the board concerning operation of the system’s funds.
Terms Used In Texas Government Code 845.206
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(c) At least once every five years the actuary shall:
(1) make a general investigation of the mortality and service experience of the members and annuitants of the system; and
(2) on the basis of the results of the investigation, recommend for adoption by the board required tables and rates.
(d) On the basis of tables and rates adopted by the board, the actuary shall make an annual valuation of the assets and liabilities of the retirement system and of each participating subdivision with regard to the retirement system.