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 the funding of 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 of the plan shall
provide to the Council a cost estimate of the proposed benefit plan
modification. Such estimate shall be prepared by an appropriate 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.