Section 36: Actuarial Valuation to be Done

1) The Committee should carry out an actuarial valuation of the economic status, assets, liabilities, and financial status of the Fund through an Actuary once every three years.

2) Notwithstanding whatsoever is written in sub-section (1), the Committee, if it deems necessary to carry out an evaluation of the Fund before that period, then it may carry out an assessment of the Fund’s economic status, assets, liabilities, and financial status through an actuary.

3) After an actuarial valuation pursuant to sub-section (1), the actuary shall submit the report to the Executive Director, disclosing the matters as stated below:

(a) Criteria adopted for valuation,

(b) Aspects and subjects specially considered in the valuation,

(c) Total assets and liabilities of the Fund,

(d) Financial condition of the Fund,

(e) Liquidity of the amount available in the Fund,

(f) Steps to be taken for keeping the financial condition of the Fund sound and healthy,

(g) Rate of contribution to be done for the security scheme in the context of providing social security, the amount of benefit, and other relevant issues, and

(h) Other matters as specified.

4) The Executive Director shall submit the actuarial valuation report to the Committee.

5) Provisions related to appointment, qualification, terms and conditions of service of the actuary and other provisions related to actuarial valuation shall be as specified.