Bill > SB5168

This bill modifies the appointment, removal, and salary process for the state actuary, which is a key technical role responsible for analyzing pension system finances. Currently, a separate state actuary appointment committee handled these duties, but the bill transfers this responsibility to the pension funding council. Specifically, the bill gives the pension funding council the authority to appoint, remove, and set the salary of the state actuary, requiring an affirmative vote of four council members. When making these decisions, the council must consider recommendations from the executive committee of the select committee on pension policy. The bill also maintains existing requirements that all actuarial valuations and studies be signed by a member of the American Academy of Actuaries, ensuring professional standards are met. Additionally, the bill removes the previous state actuary appointment committee, effectively streamlining the governance of this position. These changes aim to improve the efficiency and accountability of the state actuary selection process while maintaining professional standards in pension system financial analysis.