Sec. 845.206. ACTUARY. (a) The board of trustees shall appoint an actuary. (b) The actuary shall perform duties in connection with advising the board concerning operation of the system's funds. (c) At least once every five years the actuary shall: (1) make a general investigation of the mortality and service experience of the members and annuitants of the system; and (2) on the basis of the results of the investigation, recommend for adoption by the board required tables and rates. (d) On the basis of tables and rates adopted by the board, the actuary shall make an annual valuation of the assets and liabilities of the retirement system and of each participating subdivision with regard to the retirement system.
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