Section 169.555

Title XI EDUCATION AND LIBRARIES

Chapter 169

Effective - 28 Aug 2003, 2 histories, see footnote   (history) 

  169.555.  Rate of contribution to retirement systems, board to fix and certify. — Notwithstanding the provisions of section 169.030 and 169.620 to the contrary, the board of trustees shall have the authority to fix and certify to employers the level rate of contribution for a fiscal year no later than six months prior to the date such rate is to be effective, subject to the following:

  (1) The level rate of contribution for the system created by sections 169.010 to 169.141 shall not exceed the level rate of contribution for the prior fiscal year by more than one-half percent;

  (2) The level rate of contribution for the system created by sections 169.600 to 169.715 shall not exceed the level rate of contribution for the prior fiscal year by more than one-quarter percent;

  (3) The contribution rate shall be based on an actuarial valuation as of a date not earlier than the last day of the second prior fiscal year. Such actuarial valuation shall be performed using processes and actuarial assumptions that are in accordance with the actuarial standards of practice in effect at the time the valuation is performed, as promulgated by the actuarial standards board or its successor; provided that such actuarial valuation shall be based on the entry age normal actuarial cost method and an asset valuation method based on the market value of system assets that may provide for smoothing of investment gains and losses, and further, that the level rate of contribution shall be the total of the normal cost and a rate which shall amortize the unfunded actuarial accrued liability over a period that shall not exceed thirty years from the date of the valuation, subject to the limitations of this subsection;

  (4) Not less than once every ten years the board shall have an actuary, other than the actuary performing the actuarial valuation pursuant to this section, review such actuarial valuation and perform an additional actuarial valuation of the system;

  (5) Notwithstanding the provisions of subdivisions (3) to (8) of subsection 1 of section 169.070 and subdivision (4) of subsection 1 of section 169.670 to the contrary, no legislation shall be enacted after July 1, 2003, that increases benefits provided to members or retirees of the systems created by sections 169.010 to 169.141 or 169.600 contribution rate in effect on July 1, 2003.

­­--------

(L. 2003 H.B. 152 & 180 § 1)