§ 1503. ACTUARIAL TABLES, RATES AND VALUATIONS.

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The mortality, service and other tables and rates of contributions for members as recommended from time to time by the actuary and the valuations determined by him from time to time and approved by the Retirement Board shall be final and conclusive and the contributions of the City and members to the Retirement System shall be based thereon. The same actuarial tables, rates, valuations and assumptions, including but not limited to assumptions concerning future investment return and salary inflation, shall be used in calculating member contributions pursuant to Section 1509.9 hereof as are used in calculating city contributions pursuant to Section 1509.92 hereof.

The actuary shall, in valuing the system for any purpose hereunder, reflect as an asset all moneys in the unallocated interest earnings in excess of 2 percent of total assets excluding unallocated interest earnings.

(Amended by vote of the people 11-4-1980, effective January 1, 1981; Sec. 1503 amended by vote of the people 4-17-73, effective July 1, 1973.)

                    
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