(a) In this section, “qualified actuary” means a fellow of the Society of Actuaries or a member of the American Academy of Actuaries who has at least five years of experience with public retirement systems.
(b) The executive director and the state board shall certify the actuarial and financial soundness of the fund every two years with the assistance of a qualified actuary.

(c) An actuarial valuation conducted under this section must include:
(1) an analysis clearly shown in the valuation based on each of the following assumptions:
(A) no state contribution to the fund, including no state funding of administrative expenses; and
(B) a maximum state contribution to the fund, including state funding of administrative expenses; and
(2) the number of years required to amortize the unfunded actuarial liabilities of the pension system under each assumption under Subdivision (1).
(d) At least once every five years, the state board, with the assistance of the actuary, shall:
(1) audit the actuarial valuation required under this section; and
(2) conduct an actuarial experience study, the contents of which are determined by the state board in consultation with the actuary.
(e) The actuarial valuation and experience study required under Subsection (d) are not required to be conducted concurrently.