(1) All actuarial assumptions, rates and tables shall be adopted at a meeting of the board and included in the minutes of that meeting.

(2) This rule refers to but is not limited to the following:

(a) optional retirement table;

(b) monthly annuity table;

(c) termination pay rate table;

(d) rates for mortality, disability, retirement, and withdrawal;

(e) assumptions for future salaries, investment earnings, administrative expense and termination.

(3) The assumptions, rates and tables shall be effective as provided in the minutes.