19-13-212. Termination of participation in retirement system or reduction of employer contributions.
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19-13-212 . Termination of participation in retirement system or reduction of employer contributions.
(1)If an employer voluntarily terminates its participation in or contributions to the retirement system or significantly reduces the number of full-paid firefighters it employs to a degree that, in the board's opinion, inadequately funds the accrued or accruing benefits of retirement system members, the board shall request an actuarial valuation of the liabilities of the employer to the retirement system.
(2)Based on the actuarial valuation, the board may request and the employer shall pay annually the amount determined to be necessary to provide adequate funding for the liabilities of the employer and to cover the cost of the actuarial valuation to determine those liabilities. This amount must be in addition to any other contributions required by the retirement act.
(3)Six years after the actuarial investigation is conducted, an employer making payments as provided in subsection
(2)may request the board to review the employer's funding status relative to the annual payments. As a result of the review, the board may adjust the payments.