Such actuarial reports shall be prepared and
filed under the supervision of the Chief Administrative Officer of
the municipality. 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 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 the governing body of the employer 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 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 obligation of the employer with respect
to the plan.