Page:United States Statutes at Large Volume 93.djvu/909

 PUBLIC LAW 96-122—NOV. 17, 1979

93 STAT. 877

(b) Until such time as the members of the Board are first selected and the Board certifies pursuant to section 121(h) that it is assuming responsibility for the Funds established by this title, the assets of such Funds may only be invested in the following: (1) Interest-bearing bonds, notes, bills, or certificates of indebtedness of the United States Government, or obligations fully guaranteed as the payment of both principal and interest by the United States Government. (2) Interest-bearing certificates of deposit issued by National, State, or District of Columbia savings and loan institutions. DETERMINATION OF FEDERAL AND DISTRICT OF COLUMBIA PAYMENTS TO THE FUNDS

SEC. 142. (a)(1) The Board shall engage an enrolled actuary who may be the enrolled actuary engaged pursuant to section 162(a)(4)(A), who shall, on the basis of the entry age normal cost funding method and in accordance with generally accepted actuarial principles and practices, make the following determinations with respect to each Fund: (A) At the times specified in paragraph (2), the actuary shall determine the level percentage of payroll, expressed as a percentage (hereinafter in this title referred to as the "net normal cost percentage"), which shall be the percentage such that the amount equal to the product of such percentage and the present value of future compensation for participants in the retirement program, if paid annually into the Fund from the date of hire of each participant in the retirement program until the date of such participant's death, retirement, or other withdrawal from employment covered by the retirement program, is equal to the amount of the difference between (i) the present value of the future benefits payable from the Fund to such group, and (ii) the present value of all future emploj^e contributions to the Fund. (B) At the times specified in paragraph (2), the actuary shall determine the amount (hereinafter in this title referred to as the "accrued actuarial liability") that is the difference between (i) the present value (as of the date of the determination) of the future benefits payable from the Fund, and (ii) the sum of^ (I) the present value of all future employee contributions to the Fund; and (II) the product of the net normal cost percentage and the present value of future compensation for participants in the retirement progrema. (C) At the times specified in paragraph (2), the enrolled actuary shall determine the current value of the assets in the Fund. (D) Each year, not later than sixty days prior to the date on which the Mayor is required to submit the annual budget for the government of the District of Columbia to the Council under section 442(a) of the District of Columbia Self-Government and Governmental Reorgsmization Act, the enrolled actuary shall determine— (i) an estimate of the current annual active duty payroll; (ii) the amount (hereinafter in this title referred to as the "future Federal obligation") that is the amount of the present value of the sum of the amounts authorized by section 144(a) to be appropriated to the Fund for fiscal years beginning on or after the date of the determination; and (iii) the amount (hereinafter in this title referred to as the "net pay-as-you-go cost") that is the difference between (I)

Enrolled actuary.

"Net normal cost percentage."

"Accrued actuarial liability."

D.c. Code 47-2210.

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