20 NCAC 02F .0104. ACTUARIAL TABLES: RATES AND ASSUMPTIONS

(a)  Actuarial tables and assumptions will be adopted by the board of trustees after the presentation of the recommendations of the actuary by including the tables, rates, etc. in the minutes of the board with the resolution adopting said tables, rates or assumptions.

(b)  The director of the retirement systems shall maintain a file of copies of all resolutions adopting tables, rates or assumptions and the current version of all tables as amended by the board of trustees.  The file shall be open and readily available to the public during regular office hours.

(c)  This Rule includes but is not limited to the following actuarial tables and assumptions:

(1)           interest rate assumptions;

(2)           salary increase assumptions;

(3)           required contribution rates;

(4)           mortality assumptions;

(5)           separation and retirement assumptions;

(6)           joint and survivor tables;

(7)           reserve transfer tables.

(d)  Tables, rates and assumptions shall become effective on the first day of the month following adoption, unless a specific effective date is included in the adopting resolution.  If the specific date is included, the tables, rates or assumptions shall be effective as provided in the adopting resolution.

 

History Note:        Authority G.S. 135‑69; 135‑6(f);

Eff. September 21, 1977;

Amended Eff. August 1, 1981.