§ 5-1-245. SAME—FIVE-YEAR INVESTIGATION AND VALUATION OF ASSETS, ETC., OF SYSTEM; ADOPTION OF MORTALITY, ETC., TABLES AND ACTUARIAL COST METHOD BY BOARD.

(a)

At least once in each five-year period, the actuary shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries of the Retirement System and shall make a valuation of the assets and liabilities of the funds of the system, and, taking into account the result of such investigation and valuation, except as otherwise provided in this title, the Board of Trustees shall adopt for the Retirement System such mortality, service, and other tables as shall be deemed necessary and shall adopt an actuarial cost method that is in conformity with generally accepted actuarial principles and practices for measuring pension obligations.

(b)

(1)

The valuation rate is 6 3/8 percent.

(2)

The valuation rate established under this subsection may not be raised except by a vote of a majority plus one of the members of the County Council.

(1988 Code, § 23-83) (Bill No. 32-03, § 1, 6-30-2002, 7-1-2004; Bill No. 36-18 , § 1, 7-1-2018)