A participating public employer shall, at intervals designated by the Public Employees Retirement Board, transmit to the board those amounts the board determines to be actuarially necessary to adequately fund the benefits to be provided by the contributions of the employer under this chapter and the benefits to be provided under the pension program established by ORS § 238A.100 to 238A.250, except for the disability benefit for which funding is provided under ORS § 238A.240. From time to time, the board shall determine the liabilities of the system and shall set the amount of contributions to be made by participating public employers, and by other public employers who are required to make contributions on behalf of members, to ensure that those liabilities will be funded no more than 40 years after the date on which the determination is made. [Formerly 237.081; 2001 c.945 § 13; 2002 s.s.1 c.9 § 1; 2002 s.s.3 c.5 § 1; 2003 c.625 § 8; 2003 c.746 § 7; 2003 c.802 § 160; 2005 c.808 § 10]