The board of education shall select and employ or retain a qualified actuary who shall serve at its pleasure as its technical advisor on matters regarding the operation of the retirement fund. The actuary shall:
- (a) At least once every three (3) years make a valuation of the liabilities and reserves of the retirement fund and a determination of the contributions required by the retirement fund, to discharge its liabilities, and recommend to the board of education rates of employee salary assessment.
- (b) Recommend actuarial tables for use in calculating actuarial equivalent values.
- (c) Perform such other duties as may be assigned by the board.
L. 1967, ch. 384, § 8; July 1.