Section 895.203 - Contents of experience investigation(a)Generally.--The experience investigation shall contain sufficient information to substantiate the actuarial assumptions upon which the actuarial exhibits of the most recent actuarial report shall be based. The experience investigation shall be prepared only by an approved actuary.(b)Contents of experience investigation; defined benefit plans self-insured in whole or in part.--For any pension plan which is a defined benefit plan and which is self-insured in whole or in part, the experience investigation shall contain the following items:(1) A comparison for each year of the last five-year period of the actual experience of the pension plan and the experience of the pension plan expected pursuant to the actuarial assumptions other than the retirement age assumption which were used in preparing the actuarial exhibits of the actuarial valuation report of the pension plan and which in the judgment of the approved actuary significantly affect the results contained in those actuarial exhibits.(2) A statement of the average ages at which retirement benefit recipients have terminated service as an active member and commenced receipt of retirement benefits for the following groups: (i) All persons currently receiving a retirement benefit as of the date of the experience study.(ii) Persons newly becoming retirement benefit recipients as a separate group for each of the last five plan years.(3) A recommendation by the approved actuary concerning the retention or modification of the actuarial assumptions previously used to prepare the actuarial exhibits of the actuarial valuation report of the pension plan.(c)Contents of experience investigation; defined contribution plans or defined benefit plans insured in whole by an insurance carrier.--For any pension plan which is a defined contribution plan or which is a defined benefit plan and is insured in whole by an insurance carrier, the experience investigation shall provide specific information concerning those items which relate to any actuarial assumptions used in determining the actuarial condition of the pension plan. 1984, Dec. 18, P.L. 1005, No. 205, § 203, imd. effective.