(a) The Borough Council shall employ an actuary and fix his or her compensation and shall provide for the legal and administrative expenses of the Employees' Pension Plan. The actuary shall determine the present liability on account of pensions payable under this chapter to employees for service prior to the date of this establishment of the Plan. The unfunded liability shall be paid entirely by the Borough as provided for in Section 284.215(b), provided that it may be funded over a period not exceeding twenty-five years. The actuary shall determine the amount which shall be contributed annually to the Plan for the service of employees subsequent to the establishment of the Plan, known as "future service costs."
(b) The regular contribution of the Borough and members of the Plan shall be paid over to the Trustee and shall consist each year of the amount required to fund all the benefits provided under this chapter according to the calculations of an independent pension consultant retained by the Pension Committee.
(c) The contribution shall be delivered to and held by the Trustee as provided under the Trust Agreement. The Trust Fund so held by the Trustee shall be used to pay benefits and expenses in accordance with the Plan, the Trust Agreement and any agreements with an insurance company or other financial institution constituting a part of the Plan and Trust.
(d) Any forfeitures occurring as a result of a member's termination of service or in any other manner shall not be applied to increase the benefits that any member would otherwise receive under the Plan, and the said forfeitures shall be applied to reduce the Borough's future contributions and may be anticipated in estimating costs under the Plan.