§5-10-13. Actuarial investigations and valuations; specification of actuarial assumptions


Published: 2015

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WEST VIRGINIA CODE











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WVC 5 - 10 - 13

§5-10-13. Actuarial investigations and valuations; specification

of actuarial assumptions.

(a) The board of trustees shall keep, or cause to be kept,

such data as shall be necessary for the preparation of mortality,

service and retirement tables and for the compilation of such other

data as shall be required for an actuarial valuation of the assets

and liabilities of the retirement system.

(b) Beginning in one thousand nine hundred sixty-six, and in

each five-year period thereafter, the actuary shall make actuarial

investigations into the experiences of the members, retirants and

beneficiaries of the retirement system. Based upon such

investigations, the board of trustees shall adopt for the system

rates of mortality, withdrawal from service, superannuation

retirement and disability retirement and salary scales for final

average salary.

(c) Beginning in one thousand nine hundred sixty-two, and at

least once in each three-year period thereafter, the actuary shall

make an actuarial valuation of the assets and liabilities of the

retirement system: Provided, That until the first actuarial

investigations are made, the valuations shall be based upon

decrement assumptions which are, in the opinion of the actuary,

applicable to the members, retirants and beneficiaries of the

system.

(d) Beginning in one thousand nine hundred sixty-two, the

actuary shall annually compute the annuity reserve liabilities for annuities being paid retirants and beneficiaries.

(e) The board shall specify and adopt all actuarial

assumptions for the system at its first meeting of every calendar

year or as soon thereafter as may be practicable, which assumptions

shall become part of the terms of the system.





Note: WV Code updated with legislation passed through the 2015 Regular Session

The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.