(a) The provisions of section 356.215 that govern the contents of actuarial valuations must apply to any local police or fire pension fund or relief association required to make an actuarial report under this section, except as follows:

1. (1) in calculating normal cost and other requirements, if required to be expressed as a level percentage of covered payroll, the salaries used in computing covered payroll must be the maximum rate of salary on which retirement and survivorship credits and amounts of benefits are determined and from which any member contributions are calculated and deducted;
2. (2) in lieu of the amortization date specified in section 356.215, subdivision 11, the appropriate amortization target date specified in section 69.77, subdivision 4, or 69.773, subdivision 4, clause (c), must be used in calculating any required amortization contribution;
3. (3) in addition to the tabulation of active members and annuitants provided for in section 356.215, subdivision 13, the member contributions for active members for the calendar year and the prospective annual retirement annuities under the benefit plan for active members must be reported;
4. (4) actuarial valuations required under section 69.773, subdivision 2, must be made at least every four years and actuarial valuations required under section 69.77 shall be made annually;

5. (5) the actuarial balance sheet showing accrued assets valued at market value if the actuarial valuation is required to be prepared at least every four years or valued as current assets under section 356.215, subdivision 1, clause (6), or paragraph (b), whichever applies, if the actuarial valuation is required to be prepared annually, actuarial accrued liabilities, and the unfunded actuarial accrued liability must include the following required reserves:

   1. (i) For active members 1. Retirement benefits 2. Disability benefits 3. Refund liability due to death or withdrawal 4. Survivors' benefits (ii) For deferred annuitants' benefits (iii) For former members without vested rights (iv) For annuitants 1. Retirement annuities 2. Disability annuities 3. Surviving spouses' annuities 4. Surviving children's annuities

      In addition to those required reserves, separate items must be shown for additional benefits, if any, which may not be appropriately included in the reserves listed above; and

6. (6) actuarial valuations are due by the first day of the seventh month after the end of the fiscal year which the actuarial valuation covers.

(b) For the Minneapolis Firefighters Relief Association or the Minneapolis Police Relief Association, the following provisions additionally apply:

1. (1) in calculating the actuarial balance sheet, unfunded actuarial accrued liability, and amortization contribution of the relief association, "current assets" means the value of all assets at cost, including realized capital gains and losses, plus or minus, whichever applies, the average value of total unrealized capital gains or losses for the most recent three-year period ending with the end of the plan year immediately preceding the actuarial valuation report transmission date; and

2. (2) in calculating the applicable portions of the actuarial valuation, an annual preretirement interest assumption of six percent, an annual postretirement interest assumption of six percent, and an annual salary increase assumption of four percent must be used.

   * NOTE: As of September 3, 2004, the Minneapolis City *Council had not filed with the secretary of state a certificate *of approval of an amendment to this section made by Laws 2004, *chapter 267, article 18, section 2. Accordingly, the amendment *is not included in the text here. If a certificate is filed *before January 4, 2005, the amendment is effective the day after *its filing. If the filing with the secretary of state does not *occur before January 4, 2005, the amendment is disapproved. *Minnesota Statutes, section 645.021, subdivision 3. The current *filing status may be confirmed by the secretary of state's *office.