§ 12303 Actuarial Report For Retirement

• •Before creating a retirement plan, the board must get a report from an expert who knows about money and future costs.
• •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 explain how much the retirement benefits will cost the city and what the plan will look like in the future, including what it will own and owe.