Based on an actuarial valuation, the board shall annually determine:
- (1) the normal contribution;
- (2) the unfunded accrued liability of the defined benefit fund, which is the amount by which the defined benefit plan's total accrued liability exceeds the fund's total assets; and
- (3) the payments necessary to amortize the unfunded accrued liability over a term determined by the board that does not exceed thirty (30) years.
As added by P.L.6-1989, SEC.1. Amended by P.L.111-2015, SEC.1.