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(a) 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 Section 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.
The expenses attributable to the preparation of any actuarial valuation report or experience investigation required by the Act, or any other expenses which are permissible under the terms of the Act and which are directly associated with administering the Plan, shall be allowable administrative expenses, payable from the assets of the Pension Fund. Such allowable expenses shall include, but not be limited to, the following:
(1) Investment costs associated with obtaining authorized investments and investment management fees;
(2) Accounting expenses;
(3) Premiums for insurance coverage on Fund assets;
(4) Reasonable and necessary counsel fees incurred for advice or to defend the Fund; and
(5) Legitimate travel and education expense for Plan officials, provided, however, that the Municipal officials of the employer, in their fiduciary role, shall monitor the services provided to the Plan to ensure that the expenses are necessary and reasonable and benefit the Plan, and provided, further, that the Plan Administrator shall document all such expenses item by item and, where necessary, hour by hour.
(b) Duties of Chief Administrative Officer. Such actuarial reports shall be prepared and filed under the supervision of the Chief Administrative Officer.
The Chief Administrative Officer of the Plan shall determine the financial requirements of the Plan on the basis of the most recent actuarial report and shall determine the minimum Municipal 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 Municipal obligation of the employer to the governing body of the employer annually and shall certify the accuracy of such calculations and their conformity with the Act.
(c) Benefit Plan 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 Municipal obligation of the employer with respect to the Plan.
(Ord. 2138. Passed 3-15-93.)
If any participant shall be physically or mentally incapable of receiving or acknowledging receipt of any payment of pension benefits hereunder, the employer, upon the receipt of satisfactory evidence that such participant is so incapacitated and that another person or institution is maintaining him or her and that no guardian or committee has been appointed for him or her, may provide for such payment of pension benefits hereunder to such person or institution so maintaining him or her, and any such payment so made shall be deemed for every purpose to have been made to such participant. (Ord. 2138. Passed 3-15-93.)
If any benefit shall be payable under the Plan to or on behalf of a participant who has died, if the Plan provides that the payment of such benefits shall be made to the participant's estate, and if no administration of such participant's estate is pending in a court of proper jurisdiction, then the employer at its sole option, may pay such benefit to the surviving spouse of such deceased participant, or, if there is no such surviving spouse, to such participant's then living issue, per stirpes, provided, however, that nothing contained herein shall prevent the employer from insisting upon the commencement of estate administration proceedings and the delivery of any such benefits to a duly appointed executor or administrator.
(Ord. 2138. Passed 3-15-93.)
Subject to the provisions of the Act, no past, present or future officer of the employer shall be personally liable to any participant, beneficiary or other person under any provision of the Plan or any policy issued pursuant thereto.
(Ord. 2138. Passed 3-15-93.)
Nothing contained herein shall be deemed to give any participant or beneficiary any interest in any specific property of the Pension Fund or any right thereto, except to receive such distributions as are expressly provided for in this Plan.
(Ord. 2138. Passed 3-15-93.)
Participation in this Plan shall not give any right to any employee to be retained in the employ of the employer, nor shall it interfere with the right of the employer to discharge any employee and to deal with him or her without regard to the effect that such treatment might have upon him or her as a participant in this Plan.
(Ord. 2138. Passed 3-15-93.)
The income and principal of the Pension Fund are for the sole use and benefit of the participants in this Plan, and, to the extent permitted by law, shall be free, clear and discharged of and from, and are not to be in any way liable for, debts, contracts or agreements, now contracted or which may hereafter be contracted, and from all claims and liabilities now or hereafter incurred by any participant or beneficiary.
(Ord. 2138. Passed 3-15-93.)
The employer shall furnish to the Plan Administrator, and, where applicable, the trustee, information in the employer's possession as the Plan Administrator and the trustee shall require from time to time to perform their duties under the Plan.
(Ord. 2138. Passed 3-15-93.)
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