(a) There is established the Committee on Actuarial Valuation of Retired Employees' Health Benefits. The Committee shall be responsible for collecting data and reviewing assumptions for the sole purpose of conducting required actuarial valuations of State supported retired employees' health benefits under other post-employment benefit accounting standards set forth by the Governmental Accounting Standards Board of the Financial Accounting Foundation.
(b) The Committee on Actuarial Valuation of Retired Employees' Health Benefits shall consist of five members serving ex officio, as follows:
(1) The State Budget Officer, who shall serve as the Chair;
(2) The State Auditor;
(3) The State Controller;
(4) The State Treasurer; and
(5) The Executive Administrator for the Teachers' and the State Employees' Comprehensive Major Medical Plan.
(c) A majority of the members of the Committee then serving shall constitute a quorum.
(d) Each member shall be entitled to one vote on the Committee. Three affirmative votes shall be necessary for a decision by the members at any meeting of the Committee.
(e) The Committee shall keep in convenient form such data as is necessary for actuarial valuation of retired employees' health benefits under accounting standards set forth by the Governmental Accounting Standards Board of the Financial Accounting Foundation. The Department of State Treasurer, Retirement Systems Division, the Teachers' and State Employees' Comprehensive Major Medical Plan, and any other State agency, department, or university institution, local public school agency, or local community college institution shall provide any necessary data upon request of the Committee for the purpose of conducting its responsibilities.
(f) The Committee shall designate either the actuary under contract with the Department of State Treasurer, Retirement Systems Division, or the actuary under contract with the Teachers' and State Employees' Comprehensive Major Medical Plan as the technical adviser to the Committee on matters regarding the actuarial valuation of retired employees' health benefits created by the provisions of this Chapter. The technical advisor shall perform such actuarial valuation and other duties as are required under this Chapter.
(g) The Committee shall secure an annual calendar-year actuarial valuation of retired employees' health benefits under accounting standards set forth by the Governmental Accounting Standards Board of the Financial Accounting Foundation.
(h) The Committee shall keep a record of all of its proceedings which shall be open to public inspection.
(2007-467, s. 1.)
Editor's Note. - Session Laws 2007-467, s. 2, made this section effective August 29, 2007.
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