Section 25933 Of Chapter 3. Establishment And Control Of Fund From California Education Code >> Division 1. >> Title 1. >> Part 13.5. >> Chapter 3.
25933
. (a) For purposes of this section, "plan" means any health
benefits program that is financed from the proceeds of the fund.
(b) The board shall maintain all data necessary to perform an
actuarial investigation of the demographic and economic experience of
the plan and for the actuarial valuation of the assets and
liabilities of the plan.
(c) The board shall retain the services of an actuary to do all of
the following:
(1) Make recommendations to the board for the adoption of
actuarial assumptions that, in the aggregate, are reasonably related
to the past experience of the plan and reflect the actuary's informed
estimate of future experience.
(2) Make an actuarial investigation of the demographic and
economic experience, including the mortality, service, and other
experience, of the plan with respect to members or any other persons
eligible to receive benefits from the plan.
(3) At least biennially, using actuarial assumptions adopted by
the board, perform an actuarial valuation of the plan that identifies
the assets and liabilities of the plan, and report the findings to
the board. The report of the actuary on the results of the actuarial
valuation shall identify and include the components of normal cost
and adequate information to determine the effects of changes in
actuarial assumptions. Copies of the report on the actuarial
valuation shall be transmitted to the Governor and to the
Legislature.
(4) Recommend to the board all rates and factors necessary to
administer the plan, including, but not limited to, mortality tables
and interest rates.
(5) Recommend to the board a strategy for amortizing any unfunded
actuarial obligation.