Actuarial Valuations

PURPOSE: The purpose of this rule is to establish guidelines relative to actuarial valuations. (1) Any political subdivision wishing to affiliate with the Missouri Local Government Employees’ Retirement System must first furnish a complete and current actuarial valuation prepared by the system’s actuary. The board of trustees shall not accept any application from a political subdivision which has not completed a preliminary actuarial valuation. (2) The cost of a preliminary actuarial valuation prepared pursuant to section (1) for any political subdivision prior to joining the system shall be borne by the political subdivision. (3) Regular annual actuarial valuations prepared for EMPLOYEES’ RETIREMENT SYSTEM (LAGERS) participating political subdivisions, after the preliminary actuarial valuation has been prepared, will be at the expense of the system. (4) The cost of supplemental actuarial valuations used to determine contribution rates for optional benefit programs shall be determined as follows: (A) The cost of the actuarial valuation for the first optional benefit program in any one (1) system fiscal year shall be borne by the system; and (B) The cost of any other optional benefit program in that one (1) system fiscal year shall be borne by the employer. AUTHORITY: section 70.605.21, RSMo 1994.* Original rule filed Dec. 29, 1975, effective Jan. 8, 1976. Amended: Filed Feb. 16, 1999, effective July 30, 1999. *Original authority 70.605, RSMo 1967, amended 1974, 1992.