B.
Such biennial actuarial valuation report shall be made as of the
beginning of each plan year occurring in an odd-numbered calendar
year, beginning with the year 1985.
C.
Such actuarial valuation shall be prepared and certified by an approved
actuary, as such term is defined in the Act.
D.
The expenses attributable to the preparation of any actuarial valuation
report or investigation required by the Act or any other expense which
is permissible under the terms of the Act and which is directly associated
with administering the plan shall be an allowable administrative expense
payable from the assets of the Pension Fund. Such allowable expenses
shall include but not be limited to the following:
(1)
Investment costs associated with obtaining authorized investments
and investment management fees;
(2)
Accounting expenses;
(3)
Premiums for insurance coverage on fund assets;
(4)
Reasonable and necessary counsel fees incurred for advice or to defend
the fund; and
(5)
Legitimate travel and education expenses for plan officials; provided,
however, that the municipal officials of the employer, in their fiduciary
role, shall monitor the services provided to the plan to ensure that
the expenses are necessary, reasonable and benefit the plan; and,
further provided that, the plan administrator shall document all such
expenses item by item and, where necessary, hour by hour.
A.
Such actuarial reports shall be prepared and filed under the supervision
of the chief administrative officer.
B.
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 Board
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 Board a cost estimate of the proposed benefit plan modification.
Such estimate shall be prepared by an approved actuary, which estimate
shall disclose to the Board 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.
