§ 50155 Retirement System Actuarial Valuation

• •Every 4 years, the retirement system must check how much money it has and how much it owes.
• •After checking, they can change how much people pay in, how long they need to work, and how much money they get when they retire.
• •This is to make sure there’s enough money to pay everyone who retires.

Imagine a school’s retirement plan for teachers.

Every 4 years, the school checks if there’s enough money saved to pay all the teachers when they retire. If not, they might ask teachers to pay a little more each month or change how much they get when they retire.