Page 117
House Bill No. 5506
Public Act No. 22-118 117 of 739
portion of the term. If a vacancy occurs in the positions filled by the retired members of the system, said board shall elect a retired member of the system to fill the unexpired portion of the term. The Governor shall appoint five public members to said board in accordance with the provisions of section 4-9a, one of whom shall be the mayor, first selectman or chief elected official of a municipality. On and after October 31, 2017, the Governor shall fill the next vacant position on the board that is appointed by the Governor with a person who is the mayor, first selectman or chief elected official of a municipality. The members of the board shall serve without compensation, but shall be reimbursed for any expenditures or loss of salary or wages which they incur through service on the board. A majority of the membership of the board shall constitute a quorum for the transaction of any business. (b) In carrying out its duties, the board may employ a chief administrator with a title established by the board, who shall also serve as secretary of the board, an administrative officer and such staff as may be necessary. Their salaries shall be paid by said board with the approval of the Secretary of the Office of Policy and Management. Said board shall employ the services of one or more actuaries, each of which shall be an individual or firm having on its staff a fellow of the Society of Actuaries, to carry out the actuarial duties of this section and sections 10-183b, 10-183r, and 10-183z and for such related purposes as the board deems advisable. The cost of such services shall be charged to the funds provided for in section 10-183r. Said board shall arrange for such actuary to prepare an actuarial valuation of the assets and liabilities of the system as of June [30, 1980, and at least once every two years thereafter] thirtieth, annually. On the basis of reasonable actuarial assumptions approved by the board, such actuary shall determine the actuarially determined employer contribution required to meet the actuarial cost of current service and the unfunded accrued liability. [Commencing December 1, 2002, such] Such valuation shall be completed prior to December first, [biennially] annually. Said board