Such actuarial reports shall be prepared and
filed under the supervision of the chief administrative officer. The
chief administrative officer 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 Council annually
and shall certify the accuracy of such calculations and their conformance
with the Act.
Prior to the adoption of any benefit plan modification
by the employer, the chief administrative officer shall provide to
the Council a cost estimate of the proposed benefit plan modification.
Such estimate shall be prepared by an approved actuary, which estimate
shall disclose to the Council 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.