§88-105 Actuarial investigations, valuations. At least once in each five-year period, commencing with fiscal year 1995, the actuary shall make an actuarial investigation of the experience of the system and shall recommend to the board of trustees the adoption for actuarial valuation of the system of such mortality, service and other tables as shall be deemed appropriate and necessary, and the actuary shall recommend to the legislature for its adoption the investment yield rate and annual salary increase assumption. The actuary shall assess the actual investment earnings during the five-year review period and recommend appropriate adjustments to the contributions under section 88-123 for the same period. The actuary shall further recommend the acceptable level of pension benefit obligation ratio for the system, taking into consideration the guaranties of Article XVI, section 2, of the State Constitution, section 88-107, and section 88-127.

On the basis of such tables and other factors as the board or legislature, as the case may be, shall adopt, the actuary shall make an annual valuation of the assets and liabilities of the funds of the system. [L 1925, c 55, §5(14), (15), (16); am imp L 1927, c 251; RL 1935, pt of §7924; RL 1945, pt of §707; RL 1955, §6-71; am L 1964, c 62, §9; HRS §88-95; am L 1969, c 110, pt of §1; am L 1994, c 276, §5]