24 CAR § 20-404
24 CAR § 20-404. Short condition test
Length: 59 wordsOfficial source
The local plan’s current assets (cash and investments) must be sufficient to cover:
(1) Active member contributions on deposit;
(2) The proposed total liabilities for future benefits to present retired lives and inactive members; and
(3)(A) A portion of the proposed total liabilities for service already rendered by active members.
(B) The portion is defined in the table below.