Missouri Laws 104.220 – Actuary, selection, duties
The board of trustees may select and employ an actuary who shall serve at its pleasure as its technical adviser on matters regarding the operation of the system, or may call upon the director of the department of commerce and insurance for actuarial service, which shall be furnished by him. The actuary shall:
(1) During the first year of operation of the system, or as soon as practicable, and at least once every five years thereafter, make a general investigation of the mortality, retirement, disability, death, employment turnover, interest, and earnable compensation experience of the system;
Terms Used In Missouri Laws 104.220
- Actuary: the actuary who is a member of the American Academy of Actuaries or who is an enrolled actuary under the Employee Retirement Income Security Act of 1974 and who is employed by a board at any given time. See Missouri Laws 104.010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of trustees: "board", or "trustees", a board of trustees as established for the applicable system pursuant to this chapter. See Missouri Laws 104.010
- Department: any department or agency of the executive, legislative or judicial branch of the state of Missouri receiving state appropriations, including allocated funds from the federal government but not including any body corporate or politic unless its employees are eligible for retirement coverage from a system pursuant to this chapter as otherwise provided by law. See Missouri Laws 104.010
- Interest: interest at such rate as shall be determined and prescribed from time to time by a board. See Missouri Laws 104.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) Recommend mortality and other tables to be used for all required actuarial calculations;
(3) Make an annual valuation of the liabilities, assets, and reserves of the system, and a determination of the amounts of contributions required by the system to discharge the liabilities and administration costs under sections 104.010 to 104.270, and certify the results thereof to the board; and
(4) Perform such other duties as may be assigned to him by the board.