(1) The actuary will present the actuarial data and recommend the board adopt specific rates and assumptions. The board in its discretion will adopt rates and assumptions and publish them in a board policy.

(2) The division shall maintain a historical file of all rates or assumptions, including the current version. The file shall be open and readily available to the public.

(3) This rule includes at least the following actuarial rates and assumptions:

(a) investment earnings assumption;

(b) salary increase assumptions;

(c) required contribution rates;

(d) asset valuation assumption;

(e) administrative expense assumption;

(f) mortality rates;

(g) disability rates;

(h) retirement rates;

(i) withdrawal rates; and

(j) service purchase rates.

(4) The board will provide effective dates when adopting the rates and assumptions.