3-12C-226. Annual actuarial valuation of system--Scope of valuation.
To determine and verify the adequacy of the member and employer contributions to the system, an actuarial valuation of the system shall be made annually by an approved actuary.
The actuarial valuation shall include:
(1)A demonstration of the relationship of the current member and employer contributions, expressed as a percentage of payroll, to the minimum actuarial requirement to support benefits; and
(2)The current year's actuarial value funded ratio and fair value funded ratio as well as the ratios from the prior actuarial valuations.
Source: SL 1974, ch 35, §74; SL 1996, ch 27; SL 2004, ch 42, §13; SL 2018, ch 33, §12; SDCL §3-12-120; SL 2019, ch 22, §§14, 45.