HRS §88-105
Actuarial checks and funding reviews
This section requires the pension system's actuary to regularly review the system's financial health and recommend assumptions, funding goals, and contribution rate changes. It also requires an annual valuation of the system's assets and liabilities. The board or legislature decides whether to adopt the actuary's recommendations.
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The statute, as written — Actuarial investigations, valuations
(a) At least once in each three-year period, commencing with fiscal year 2018-2019, the actuary shall make an actuarial investigation of the experience of the system and shall recommend to the board of trustees the adoption for actuarial valuation of the system of mortality, service, and other assumptions, factors, and tables as shall be deemed appropriate and necessary. The actuary shall further recommend the acceptable funded ratio for the system, taking into consideration the guaranties of article XVI, section 2 of the state constitution, section 88-107, and section 88-127. (b) Commencing with fiscal year 2009-2010, the actuary shall recommend, based on the actuarial investigation, the appropriate adjustments to the contribution rates under section 88-122(e). (c) On the basis of such tables and other factors as the board or legislature, as the case may be, shall adopt, and commencing with fiscal year 2005-2006 and the contribution rates of section 88-122(e), the actuary shall make an annual valuation of the assets and liabilities of the funds of the system.
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