Okla. Stat. tit. 47, § 47-2-308.2: Actuarial investigation - Establishment of tables and

rates - Actuarial valuation of assets and liabilities –

Determination of employer contributions.

A. At least once each five (5) years the actuary shall make an

actuarial investigation of the experience of the System including

the mortality, service and compensation experience of members and

beneficiaries. Based on the results of such investigation the

actuary shall recommend for adoption by the Board such tables and

rates as are required for the operation of the System and for the

preparation of annual actuarial valuations.

B. On the basis of such tables and rates as the Board shall

adopt, the actuary shall prepare an annual actuarial valuation of

the assets and liabilities of the System and certify the rates of

contribution payable by the state under the provisions of law

concerning the System.

C. Subject to the funds available to the System, the employer

contributions to the System shall be determined on the basis of the

most recent actuarial valuation, which amount shall be calculated as

the sum of the normal cost for the fiscal year plus expected

administrative expenses plus the payment required to amortize the

unfunded accrued liability according to the amortization schedule

recommended by the actuary and adopted by the Board.