Section 32268 Of Article 3. Board Of Retirement From California Government Code >> Division 4. >> Title 3. >> Part 3. >> Chapter 5. >> Article 3.
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. The board shall cause an actuarial investigation and
valuation of the system to be made immediately after the first year
of operation and thereafter at not to exceed five-year intervals. The
investigation shall be conducted under the supervision of an actuary
and shall cover the mortality, service, and salary experience of the
members and beneficiaries, and shall evaluate the assets and
liabilities of the fund. Upon the basis of the determination,
investigation, valuation, and recommendation of the actuary, the
board shall recommend to the board of supervisors such changes in the
rate of interest, in the rates of contributions of members, and in
county appropriations as it deems necessary. No adjustment shall be
included in the new rates for time prior to the effective date of the
revision.