43:13-22.64. Appointment of attorney, physician and actuary

203 words·~1 min read·/nj/title-43/chapter-13/43-13-22-64

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The commission shall appoint an attorney and shall secure the services of such physician or physicians as shall be necessary to make the medical examinations required by this act.

The commission shall appoint an actuary who shall be the technical adviser of the commission on matters regarding the operation of the system and shall perform such other duties as are required in connection therewith.

The actuary shall recommend, and the commission shall keep in convenient form, such data as shall be necessary for the actuarial valuation of the retirement system. Once in every 5-year period after the effective date of this act, the actuary shall make an actuarial investigation into the mortality, service and salary experience of the members and dependents of the retirement system, and each year after such date shall make an actuarial valuation of the assets and liabilities of the system.

Upon the basis of such investigations and valuations the pension commission shall:

(a)Adopt for the retirement system such mortality, service and other tables as shall be deemed necessary.

(b)Certify the rates of contribution expressed as a percentage of the compensation of members which shall be made by the city to the fund.

L.1964, c. 275, s. 15.