602.9116 Actuarial valuation. 1. The court administrator shall cause an actuarial valuation to be made of the assets and liabilities of the judicial retirement fund at least once every four years commencing with thefiscal year beginning July 1, 1981. For each fiscal year in which an actuarial valuation is notconducted, the court administrator shall cause an annual actuarial update to be preparedfor the purpose of determining the adequacy of the contribution rates specified in section602.9104. The court administrator shall adopt actuarial methods and assumptions, mortalitytables, and other necessary factors for use in the actuarial calculations required for thevaluation upon the recommendation of the actuary. In addition, effective with the fiscal yearbeginning July 1, 2008, the actuarial valuation or actuarial update required to be conductedshall include information as required by section 97D.5. Following the actuarial valuation orannual actuarial update, the court administrator shall determine the condition of the system,determine the actuarially required contribution rate for each fiscal year which is the raterequired by the system to discharge its liabilities, stated as a shall determine the condition of the system,determine the actuarially required contribution rate for each fiscal year which is the raterequired by the system to discharge its liabilities, stated as a percentage of the basic salaryof all judges covered under this article, and shall report any findings and recommendationsto the general assembly. 2. The cost of the actuarial valuation or annual actuarial update shall be paid from the judicial retirement fund. 3. The court administrator shall submit to the general assembly a copy of each actuarial valuation and annual actuarial update. [C81, §605A.18]83 Acts, ch 186, §10202(2)CS83, §602.911694 Acts, ch 1183, §85; 2006 Acts, ch 1091, §21; 2007 Acts, ch 22, §102; 2008 Acts, ch 1171, §56; 2022 Acts, ch 1145, §10 Referred to in §602.9104 Sat Dec 23 11:17:00 2023 Iowa Code 2024, Section 602.9116 (21, 1)
Iowa Legal Code