§ 30402 Actuarial Report Requirement

• •Before creating a retirement plan, the board must get a report from an expert who calculates money stuff.
• •The report must show how much the retirement benefits will cost.
• •The report must also show what the plan will own (assets) and owe (liabilities) in the future.

A city wants to start a new retirement plan for its workers.

The city must first hire a money expert to write a report. This report will say how much the retirement benefits will cost the city and what the plan will have and owe in the future.