602.9116 Actuarial valuation.
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/ia/chapter-602-judicial-branch/602-9116·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The court administrator shall cause an actuarial valuation to be made of the assets and liabilities of the judicial retirement fund at least once every four years commencing with the fiscal year beginning July 1, 1981. For each fiscal year in which an actuarial valuation is not conducted, the court administrator shall cause an annual actuarial update to be prepared for the purpose of determining the adequacy of the contribution rates specified in section 602.9104. The court administrator shall adopt actuarial methods and assumptions, mortality tables, and other necessary factors for use in the actuarial calculations required for the valuation upon the recommendation of the actuary.
In addition, effective with the fiscal year beginning July 1, 2008, the actuarial valuation or actuarial update required to be conducted shall include information as required by section 97D.5. Following the actuarial valuation or annual actuarial update, the court administrator shall determine the condition of the system, determine the actuarially required contribution rate for each fiscal year which is the rate required by the system to discharge its liabilities, stated as a percentage of the basic salary of all judges covered under this article, and shall report any findings and recommendations to the general assembly.
2. The cost of the actuarial valuation or annual actuarial update shall be paid from the judicial retirement fund.
3. The court administrator shall submit to the general assembly a copy of each actuarial valuation and annual actuarial update.
[C81, §605A.18]
CS83, §602.9116
94 Acts, ch 1183, §85; 2006 Acts, ch 1091, §21; 2007 Acts, ch 22, §102; 2008 Acts, ch 1171, §56; 2022 Acts, ch 1145, §10
Referred to in §602.9104