Delaware Code Title 29 Sec. 5283 – Actuarial valuations
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(a) The actuary shall prepare an actuarial valuation of the assets and liabilities of the OPEB Fund as of June 30, each year. On the basis of reasonable actuarial assumptions and tables approved by the Board, the actuary shall determine:
(1) The State‘s annual required contribution for payment of the State’s premiums for post retirement health insurance for employees under Chapters 55 and 56 of this title and Chapter 83 of Title 11;
(2) Any unfunded actuarial accrued liability.
Terms Used In Delaware Code Title 29 Sec. 5283
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) It is not anticipated that distributions will be made from this fund until the State’s annual required contribution, as determined in subsection (a) of this section, has been appropriated in a given fiscal year.