Sec. 9. (a) Based on an actuarial valuation, the board shall annually determine:
(1) the normal contribution;
(2) the unfunded accrued liability of the defined benefit fund, which is the amount by which the defined benefit plan's total accrued liability exceeds the fund's total assets; and
(3) the payments necessary to amortize the unfunded accrued liability over a term determined by the board that does not exceed thirty (30) years.
(b) After June 30, 2018, the board shall segregate from its determination of the contribution under subsection (a) any amounts attributable to the estimated future postretirement benefit increases, thirteenth checks, or other benefit changes or adjustments granted by the general assembly after June 30, 2018.
As added by P.L.6-1989, SEC.1. Amended by P.L.111-2015, SEC.1; P.L.127-2018, SEC.2.
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