43:10-7.2. Actuary; designation; duties; tables; adoption; employer contribution; annual certification by commissioner
292 words·~1 min read·
/nj/title-43/chapter-10/43-10-7-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. The actuary of the system shall be designated by the county executive after consultation with the president of the pension commission and subject to the veto of the commission for valid reasons. He shall be the technical adviser of the commission on matters regarding the operation of the funds created by the provisions of this act and shall perform such other duties as are required in connection therewith. The actuary shall recommend, and the retirement system shall keep in convenient form, such data as shall be necessary for actuarial valuation of the funds.
At least once in every 3-year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation or salary experience of the members and survivors as defined in this act and shall make a valuation of the assets and liabilities of the funds. Upon the basis of such investigation and valuation, with the advice of the actuary, the commission shall:
(1)Adopt for the retirement system such mortality, service and other tables as shall be deemed necessary; and,
(2)Certify the employer's contribution to the system, which shall be raised annually by the board of chosen freeholders.
b. Upon the basis of tables recommended by the actuary as the commission shall adopt and regular interest, the actuary of the retirement system shall make an annual valuation of the assets and liabilities of the system. On the basis of such valuation the employer contribution shall be computed so that paid annually for a period of 30 years, beginning with the year following the year in which this amendatory act becomes effective, the amount certified by the actuary of the system shall meet the liabilities of the system.
L.1976, c. 106, s. 7, eff. Oct. 18, 1976.