New Jersey Statutes 43:10-18.17a. Actuarial valuation of fund; adoption of tables; changes in rates; certification of rate; classification of members
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 43:10-18.17a
- 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.
The actuary appointed by the commission shall recommend and the board shall keep in convenient form, such data as shall be necessary for actuarial valuation of the fund every year. Once in every 3-year period the actuary shall make an actuarial investigation into the mortality, service and compensation or salary experience of the members and beneficiaries of the fund and shall make a valuation of the assets and liabilities of the fund. Upon the basis of such investigation and valuation the commission shall:
a. Adopt for the fund such mortality, service and other tables as shall be deemed necessary;
b. Recommend changes in the rates of contributions; and
c. Certify the rate of contribution, expressed as a proportion of the compensation of the members which shall be made by the county to the fund in order to continue the fund on a fully funded, reserve basis once the fund has achieved a fully funded status on the basis of increased contributions by the county and the members.
For the purpose of the valuation the commission shall classify the members in such group or groups as it deems necessary.
L.1960, c. 191, p. 805, s. 6. Amended by L.1966, c. 243, s. 7, eff. Aug. 17, 1966.