Oklahoma § 62-3109 - Actuarial investigation - Submission to requesting

§ 62-3109. Actuarial investigation - Submission to requesting

committee chair - Summary.

A. If an actuarial investigation of a retirement bill having a

fiscal impact is requested under Section 3108 of this title, it

shall be the duty of the Legislative Actuary to complete or cause to

be completed such actuarial investigation by not later than December

1 of the same year during which the request for the actuarial

investigation was made. The actuarial investigation shall include,

but shall not be limited to, findings on the following factors as

such factors are relevant to the retirement bill under

consideration:

Oklahoma Statutes - Title 62. Public Finance

1. The dollar amount of the unfunded actuarial accrued

liability which will result from the bill for the retirement system

affected by the bill;

2. The dollar amount of the annual normal cost which will

result from the bill for the retirement system affected by the bill;

3. A statement of the employer contribution rate currently in

effect for the retirement system affected by the bill;

4. A statement of the employer contribution rate necessary for

the retirement system to receive the required annual employer

contributions consistent with the most recently available valuation

report prepared by the actuary employed by the retirement system

affected by the bill;

5. A statement of the dollar amount of the increase in the

annual employer contribution, if an existing retirement system is

affected by the bill, or a statement of the total annual employer

contribution, if a new retirement system is established by the bill,

which will be necessary to maintain the retirement system affected

or established by the bill in an actuarially sound condition thereby

creating no increase in unfunded liability as defined by the most

recent actuarial evaluation of an existing system; and

6. A statement of the effect on the funded ratio for the

retirement system affected by the bill.

B. By not later than December 1 of the same year that the

request for an actuarial investigation was made, the completed

actuarial investigation shall be submitted by the Legislative

Actuary to the chair of the committee who requested it along with a

summary of the actuarial investigation which shall include the

relevant findings specified in subsection A of this section.

C. The chair of the committee, upon receipt of the information

provided for under subsection B of this section, shall cause the

summary of the actuarial investigation to be attached to all copies

of the version of the bill submitted to the Legislative Actuary and

made available to committee members, other legislators and any other

interested parties. The original summary of the actuarial

investigation shall be attached to the original version of the

substitute bill, as amended by the committee under Section 3108 of

this title, if applicable, or to the original version of the bill as

introduced if the bill was not changed by the committee prior to its

submission to the Legislative Actuary for an actuarial

investigation.

Added by Laws 2006, c. 292, § 9, eff. July 1, 2006. Amended by Laws

2007, c. 367, § 10, eff. July 1, 2007; Laws 2011, c. 379, § 1, eff.

Sept. 1, 2011.