1. Actuarial Valuations. The plan's actuary shall perform an actuarial valuation at least biennially unless the employer is applying or has applied for Supplemental State Assistance pursuant to § 603 of the Act, whereupon actuarial valuation reports shall be made annually.
Such biennial actuarial valuation report shall be made as of the beginning of each plan year occurring in an odd-numbered calendar year, beginning with the year 1985.
Such actuarial valuation shall be prepared and certified by an approved actuary, as such term is defined in the Act.
2. Reporting Requirements. Such actuarial reports shall be prepared and filed under the supervision of the Chief Administrative Officer of the municipality or of an association of municipalities cooperating pursuant to the Intergovernmental Cooperation Act.
The Chief Administrative Officer of the pension plan shall determine the financial requirements of the pension plan on the basis of the most recent actuarial report and shall determine the minimum obligation of the employer with respect to funding the plan for any given plan year. The Chief Administrative Officer shall submit the financial requirements of the plan and the minimum obligation of the employer to the employer (or its governing body) annually and shall certify the accuracy of such calculations and their conformance with the Act.
3. Benefit Modifications. Prior to the adoption of any benefit plan modification by the employer, the Chief Administrative Officer of the plan shall provide to the employer a cost estimate of the proposed benefit plan modification. Such estimate shall be prepared by an approved actuary, which estimate shall disclose to the employer the impact of the proposed benefit plan modification on the future financial requirements of the plan and the future minimum obligation of the employer with respect to the plan.
(Ord. 253, 2/3/1997, Administrative Provisions, Chapter 1, Art. VI)