Maine § 17107. - Actuary
Full text of Maine Maine Revised Statutes § 17107. — Actuary, with citation guidance and answers to common questions.
§ 17107.. Actuary
1. Designation. The board shall designate an actuary who shall be the technical advisor to the board on matters regarding the operation of the funds created by this Part.
A. If the designated actuary is an individual, the individual must be a Fellow of the Society of Actuaries. [RR 2023, c. 2, Pt. B, §96 (COR).]
B. If the designated actuary is an organization of actuaries, the organization shall designate one of its members, who must be a Fellow of the Society of Actuaries, to perform the functions required of the actuary under this Part. [PL 1985, c. 801, §§5, 7 (NEW).]
2. Duties. In addition to other duties set out in this Part, the actuary shall have the following duties.
A. The actuary shall perform whatever duties are required in connection with being the technical advisor to the board on matters regarding the operation of the funds created by this Part. [PL 1985, c. 801, §§5, 7 (NEW).]
B. The actuary shall certify the amounts of the benefits payable under this Part, except for benefits payable under chapter 423, subchapter VI and chapter 425, subchapter VI. [PL 1985, c. 801, §§5, 7 (NEW).]
C. The actuary shall make annual valuations of the assets and liabilities of each of the programs of the retirement system on the basis of actuarial assumptions adopted by the board. [PL 2007, c. 491, §80 (AMD).]
D. The actuary shall furnish a written report to the board.
(2) The report shall include an analysis of the year's operations and all results shall be separated between those applicable to benefits payable by employer contributions and those applicable to benefits payable by employee contributions, where properly determinable. [PL 1985, c. 801, §§5, 7 (NEW).]
E. The actuary shall make whatever investigations the actuary considers necessary of the experience of each of the programs of the retirement system with respect to the factors that affect the cost of the benefits provided by those programs.
(2-A) These investigations must be made whenever the board, on recommendation of the actuary, determines an investigation to be necessary to the actuarial soundness or prudent administration of the program or programs to which the investigation is related. The determination must take into account program demographics and changes in program demographics, employment patterns and projections, relevant economic measures and expectations and other factors that the board or actuary considers significant. With respect to the retirement system program for state employees and teachers, if 6 fiscal years have elapsed without an investigation being conducted, the board must either conduct an investigation within the next fiscal year or must record in the official minutes of a meeting of the board, in each fiscal year until the year in which an investigation is conducted, its decision not to do so and the reason or reasons for its decision. [PL 2025, c. 390, Pt. A, §15 (AMD).]
F. [PL 2025, c. 221, §17 (RP).]
Frequently Asked Questions About Maine § 17107.
What does Maine Revised Statutes § 17107. cover?
Section 17107. ("Actuary") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 17107.?
A common citation format is "Maine Revised Statutes § 17107." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 17107. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.