(1) Annually, each Arkansas state-supported retirement system shall make a valuation of each system's assets and incomes for the system.
(2) Actuarial assumptions and methods which are used for the annual valuation of each Arkansas state-supported retirement system shall be set by each system's board based upon the recommendations made by the board's actuary and agreed upon by the actuary employed by the Joint Committee on Public Retirement and Social Security Programs or other actuary employed by the General Assembly to review public retirement system legislation.
(3) If the board's actuary and the actuary employed by the General Assembly do not agree as to the actuarial assumptions and methods used to calculate the system's valuation, then a third actuary shall be selected mutually between the actuaries, and the third actuary shall determine the actuarial assumptions and methods to be used.
(4) The actuarial assumptions and methods shall include the actuarial funding method, the method of valuing assets, and similar actuarial matters involved in the actuarial valuation.