19-2-405. Employment of actuary -- biennial investigation and valuation. (1) The board shall retain a competent actuary who is an enrolled member of the American academy of actuaries and who is familiar with public systems of pensions. The actuary is the technical advisor of the board on matters regarding the operation of the retirement systems.
     (2) The board shall require the actuary to make a biennial actuarial investigation into the suitability of the actuarial tables used by the retirement systems and an actuarial valuation of the assets and liabilities of the retirement systems.
     (3) The normal cost contribution rate, which is funded by required employee contributions and a portion of the required employer contributions to the retirement system, must be calculated as that level percentage of members' salaries that will actuarially fund benefits payable under a retirement system as those benefits accrue in the future.
     (4) The unfunded liability contribution rate, which is entirely funded by a portion of the required employer contributions to the retirement system, must be calculated as that level percentage of members' salaries that will amortize the unfunded actuarial liabilities of the retirement system over a reasonable period of time, not to exceed 30 years, as determined by the board.
     (5) The board shall require the actuary to conduct a periodic actuarial investigation into the actuarial experience of the retirement systems.

     History: En. 68-1804 by Sec. 21, Ch. 323, L. 1973; R.C.M. 1947, 68-1804; amd. Sec. 7, Ch. 265, L. 1993; Sec. 19-3-305, MCA 1991; redes. 19-2-405 by Sec. 238, Ch. 265, L. 1993.