To determine and verify the adequacy of any member and employer contributions to the system, an actuarial valuation of the system must be made annually by an approved actuary.
The actuarial valuation must provide:
(1) A demonstration of the relationship of any current member and employer contributions, expressed as a percentage of payroll, to the minimum actuarial requirement to support benefits; and
(2) The current year's actuarial value funded ratio and fair value funded ratio, as well as the ratios from the prior actuarial valuations.
For purposes of this section, "actuarial value funded ratio" means the actuarial value of assets divided by the actuarial accrued liability.