Statewide Audit : Financial Audit for the Fiscal Year Ended ... 1990
The book Statewide Audit : Financial Audit for the Fiscal Year Ended ... 1990 was written by author Montana. Legislature. Office of the Legislative Auditor Here you can read free online of Statewide Audit : Financial Audit for the Fiscal Year Ended ... 1990 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Statewide Audit : Financial Audit for the Fiscal Year Ended ... 1990 a good or bad book?
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The number of years required to obtain vested rights varies among the systems. All systems provide early retirement options, death benefits, termination (except VFRS) and disability benefits. Only HPRS, MPORS and FURS provide post -retirement benefits. The systems' funding policies provide for periodic employer and employee contributions (except VFRS) at rates specified by State law; contribution requirements are not actuarially determined. An actuary determines the actuarial implications of th...e funding requirement in a biennial actuarial valuation. VFRS is in the process of being valuated. The actuarial method used to determine the implications of the statutory funding level is the entry age normal funding method, with both normal cost and amortization of the unfunded accrued liability determined as a level percentage of payroll. To maintain the fund on an actuarially sound basis, the rate of contributions should fund the normal cost in addition to amortizing the unfunded liability over a period of 40 years.
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