South Carolina Code 9-1-250. Investigation and valuation by actuary every five years
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Terms Used In South Carolina Code 9-1-250
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Board of Directors of the South Carolina Public Employee Benefit Authority which shall act under the provisions of this chapter through its Division of Retirement Systems. See South Carolina Code 9-1-10
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- system: means the South Carolina Retirement System established under § 9-1-20. See South Carolina Code 9-1-10
At least once in each five-year period, the first of which began in 1947, the actuary shall make an actuarial investigation into the mortality, service and compensation experience of the members and beneficiaries of the System and shall make a valuation of the contingent assets and liabilities of the System and the Board, after taking into account the results of such investigations and valuations, shall adopt for the System such mortality, service and other tables as shall be deemed necessary.