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    Subdivision 1. Supplemental actuarial valuations. Any supplemental actuarial valuations
prepared on behalf of any governing or managing board of any pension and retirement fund
enumerated in section 356.20, subdivision 2, by an approved actuary, must be prepared in
accordance with the applicable provisions of sections 356.20 to 356.23 and with the standards
adopted by the Legislative Commission on Pensions and Retirement. Any pension and retirement
fund which prepares an alternative actuarial valuation under subdivision 2 also must have a
supplemental actuarial valuation prepared.
    Subd. 2. Alternative reports and valuations. In addition to the financial reports and
actuarial valuations required by sections 356.20 to 356.23, the governing or managing board of
any fund concerned may submit alternative reports and actuarial valuations for distribution to the
legislature, any of its committees, or the Legislative Commission on Pensions and Retirement
on a different basis or on different assumptions than are specified in sections 356.20 to 356.23.
The assumptions and basis of any alternative reports and valuations must be clearly stated in
the document.
History: 1965 c 359 s 4; 1971 c 7 s 7; 1975 c 192 s 6; 1984 c 655 art 1 s 59; 1987 c 259 s
58; 2002 c 392 art 11 s 12

Official Publication of the State of Minnesota
Revisor of Statutes