Georgia statutes governing the required “minimum annual employer contribution” to the Pension Plan.
In accordance with OCGA Section 47-20-10(e), “all costs, liabilities, and other factors under the retirement system shall be determined by an actuary on the basis of an actuarial cost method and actuarial assumptions which, in the aggregate, are reasonable, considering the experience of the retirement system and reasonable expectations, and which, in combination, offer the actuary's best estimate of anticipated experience under the retirement system.” So the actuary determines the minimum annual employer contribution that the City is required under Georgia law to contribute to the Pension Plan.
In accordance with OCGA Section 47-1-3, once every two years, the board of trustees of each local retirement system shall have the system's actuary make an actuarial investigation. Such actuarial investigation shall include the results of any actuarial investigation into the then current assumptions as to rates of interest, mortality, disability, withdrawal, and retirement. The actuarial investigation shall also include a valuation of the contingent assets and liabilities of the retirement system and a determination of the payments necessary to amortize over a stated period any unfunded accrued liability disclosed. Every two years, the board of trustees of each such local retirement system shall have on file with the state auditor an actuarial investigation meeting the requirements of OCGA 47-1-3.
Edmund Emerson III