California Government Code

§ 7504

GOV § 7504 Effective Jan 1, 2017Div. 7 · Title 1 · Ch. 21 · Art. 1

Statute text

(a)All state and local public retirement systems shall, not less than triennially, secure the services of an actuary. For the purposes of this section, “actuary” means an actuary who satisfies the qualification standards for actuaries issuing statements of actuarial opinion in the United States with regard to pensions or other postemployment benefits and who has demonstrated experience in public retirement systems. The actuary shall perform a valuation of the system utilizing actuarial assumptions and techniques established by the agency that are, in the aggregate, reasonably related to the experience and the actuary’s best estimate of anticipated experience under the system. Any differences between the actuarial assumptions and techniques used by the actuary that differ significantly from those established by the agency shall be disclosed in the actuary’s report and the effect of the differences on the actuary’s statement of costs and obligations shall be shown.

(b)All state and local public retirement systems shall secure the services of a qualified person to perform an attest audit of the system’s financial statements. A qualified person means any of the following:

(1)A person who is licensed to practice as a certified public accountant in this state by the California Board of Accountancy.

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Legislative history

Amended by Stats. 2016, Ch. 415, Sec. 3. (AB 2375) Effective January 1, 2017.