An 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 actuarial valuation shall be prepared and certified by an approved actuary, as such term is defined in the Act.
Such actuarial reports shall be prepared and filed under the supervision of the Chief Administrative Officer.
The Chief Administrative Officer of the Pension Plan shall determine the financial requirements of the 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 Council annually and shall certify the accuracy of such calculations and their conformity with the Act.
The employer shall contribute annually to the Pension Fund such amounts as are recommended by the Plan's actuary as being required to meet the funding standards of the Act and to provide for the benefits under the Plan.
(Ord. 4442. Passed 10-28-87.)