(1) At least once every two years the Public Employees Retirement Board shall cause a competent actuary familiar with public systems of retirement and death benefits to prepare a report evaluating the current and prospective assets and liabilities of the system and indicating its current and prospective financial condition. In preparing the report the actuary shall investigate the mortality, disability, service and other experience of the members of, and employers participating in the system, shall state fully the condition of the system, and shall make such recommendations as the actuary deems advisable to facilitate administering it properly. The board shall publish and distribute a summary of the report to all the public employers participating in the system. The board may authorize the transfer of any portion of the funds collected under the provisions of ORS 238.225 to carry out the recommendations of the actuary. (2) For the purpose of evaluating the system under this section and for the purpose of issuing reports on the system, the actuary and the board shall determine the unfunded actuarial liability of the system by calculating the difference between the actuarial value of the current and prospective liabilities of the system and the actuarial value of the assets of the system, including any lump sum payments made under ORS 238.229. When reporting on the unfunded actuarial liability in any official documentation or report, the board shall report on the unfunded actuarial liability as determined under this subsection. [Formerly 237.285; 2017 c.746 12]
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