16Actuarial investigation of Funds

16 Actuarial investigation of Funds

16 Actuarial investigation of Funds

(1) The Corporation must investigate the adequacy of the Funds and the adequacy of the rate of any long service levy imposed under an Act referred to in section 9 (1) in accordance with this section.

(2) The investigations are to occur at such dates as may be determined by the Corporation but so that the interval between the dates of successive investigations does not exceed—

(a) 3 years—in the case of an investigation in relation to funds and rates under the Building and Construction Industry Long Service Payments Act 1986, and

(b) 2 years—in the case of an investigation in relation to funds and rates under the Community Services Sector (Portable Long Service Leave) Act 2024 or the Contract Cleaning Industry (Portable Long Service Leave Scheme) Act 2010.

(3) An investigation under this section must be made by an actuary appointed by the Corporation.

(4) An actuary who makes an investigation under this section must report to the Corporation the result of the investigation and must state whether or not in his or her opinion any reduction or increase should be made in the rate of any long service levy.

(5) The actuary appointed to make an investigation referred to in this section must complete the investigation and report the result of the investigation to the Corporation as referred to in subsection (4) as soon as practicable after the date as at which the investigation was made.

(6) The Corporation must, as soon as practicable after it receives a report under subsection (5), forward the report to the Minister together with such comments on it as it considers appropriate.

s 16: Am 2024 No 39, Sch 4.3[4].