Ind. Code § 5-10.2-2-9 – Actuarial investigation and valuation

(a) The funds may employ a common actuary or actuarial service.
(b) At least once in every five (5) years and in every year in which this article is amended so that benefits are changed, the actuary shall make a separate actuarial investigation for each fund of the mortality, service, and compensation experience of the members and their beneficiaries and shall make a valuation of the assets and liabilities of the fund, using the "entry-age normal cost" method.
(c) The actuarial investigation must include in the determination of the liability and the rates of contribution the amount necessary to fully fund past and estimated future cost of living increases for members of the public employees' retirement fund amortized over a term determined by the board that does not exceed thirty (30) years.
As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.54-1993, SEC.9; P.L.246-2005, SEC.48; P.L.111-2015, SEC.2.