(1) The Pension Oversight Commission shall have the duties set forth in this section.
(2) The Commission shall submit an annual report of the status of each County pension plan created under Section 814 of this Charter to the County Executive and the County Council. The report shall include for each pension plan:
(i) the Commission's assessment of the appropriateness of the actuarial assumptions used;
(ii) a statement of revenues, including contributions, investment earnings, and forfeitures;
(iii) the cost of the plan, including an analysis of fees, commissions and expenses;
(iv) an evaluation of the administration of the plan; and
(v) any amendment or proposal that the Commission may wish to recommend.
(3) The County Council shall provide the Pension Oversight Commission with a copy of any proposed ordinance or resolution pertaining to a County retirement plan. The Commission shall review any proposal that is submitted and, on or before the thirtieth day after receipt of the proposal, report its findings and recommendations to the County Executive and County Council. The County Council may not vote on any ordinance or resolution that is subject to this paragraph until it has either received the Commission's report or the time period for submission of the report has expired.
(4) On request of the County Executive, any member of the County Council, Board of Appeals, the Personnel Officer, or any participant in a County pension plan, the Pension Oversight Commission shall provide a written interpretation of any provisions of a County pension plan.
(5) Before the County makes any change in the mediums used for funding a County pension plan, the County shall submit a written statement of its proposed action to the Pension Oversight Commission. The Commission shall review any proposal that is submitted and, on or before the thirtieth day after receipt of the proposal, report its findings and recommendations to the County official responsible for the proposal. Unless the County Executive declares that an emergency exists that demands immediate action, the County may not take any action that commits the County to the proposed action until it has either received the Commission's report or the time period for submission of the report has expired.
(6) The Commission shall perform any additional duty assigned to it by ordinance.
(7) The Commission may engage the services of actuaries or other experts to assist it in carrying out its functions under this section.
(Bill No. 83-82)