(1) An actuarial study of each old hire police officers' and firefighters' pension fund administered by the association shall be conducted not later than July 1, 2014, and an updated actuarial study shall be conducted by the association every two years thereafter until the plan is terminated.
(2) (a) The association shall designate actuaries or firms of actuaries to supervise, conduct, or review actuarial studies required by this section.
(b) The fire and police pension association's board of directors shall specify the actuarial assumptions to be used in each such actuarial study.
Costs of all such actuarial studies are an expense of the old hire plan and the fire andpolice pension association is authorized to pay for such costs as provided in section 31-31-302 (3).
(Deleted by amendment, L. 2014.)
Source: L. 96: Entire article added with relocations, p. 873, § 1, effective May 23. L. 2001: (1)(b) amended, p. 302, § 1, effective August 8. L. 2003: (1)(b)(II) amended, p. 1473, § 2, effective May 1. L. 2006: (1)(b)(II) amended, p. 181, § 6, effective March 31. L. 2009: (1)(b)(II) amended, (SB 09-227), ch. 125, p. 541, § 2, effective April 16. L. 2011: (1)(b)(II) amended, (SB 11-221), ch. 152, p. 529, § 2, effective May 5. L. 2014: Entire section amended, (SB 14-031), ch. 52, p. 241, § 5, effective March 20.
Editor's note: This section was formerly numbered as § 31-30-1014.5.