19-18-503. Fund to be soundly funded.
104 words·~1 min read·
/mt/title-19/chapter-18/part-5/19-18-503·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
19-18-503 . Fund to be soundly funded.
(1)Each disability and pension fund must be soundly funded at fiscal yearend. The fund is soundly funded if, subject to subsection (2):
(a)assets in the fund are maintained at a level equal to at least three times but no more than five times the benefits paid by the fund in the previous or current fiscal year, whichever is greater; or
(b)funding is maintained at a level determined by an actuarial valuation to be sufficient to keep the fund actuarially sound.
(2)An actuarial valuation may be requested only by a city, town, or association.