SB 6249 - DIGEST

(DIGEST AS ENACTED)

Establishes an asset smoothing corridor for actuarial valuations used in the funding of the state retirement systems.

Declares that "actuarial value of assets" means the value of pension plan investments and other property used by the actuary for the purpose of an actuarial valuation.

Provides that, beginning with actuarial studies performed after July 1, 2004, the actuarial value of assets shall not be greater than one hundred thirty percent of the market value of assets as of the valuation date or less than seventy percent of the market value of assets as of the valuation date.

Requires the state actuary to periodically review the appropriateness of the asset smoothing method in this act and recommend changes to the legislature as necessary.