[Ord. No. 1014, 6/8/2020]
1. 
The actuary to the plan shall perform an actuarial valuation at least biennially (unless the Borough is applying or has applied for supplemental state assistance pursuant to Act 205, for purposes of this Subpart whereupon actuarial valuation reports must be made annually.)
2. 
Each 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.
3. 
Such actuarial valuation shall be prepared and certified by an approved actuary, as such term is defined in Act 205.
4. 
The expenses attributable to the preparation of any actuarial valuation report or investigation required by Act 205 or any other expense which is permissible under the terms of Act 205 and which are directly associated with administering the plan shall be an allowable administrative expense payable from the assets of the fund. Such allowable expenses shall include, but shall not be limited to, the following:
A. 
Investment costs associated with obtaining authorized investments and investment management fees;
B. 
Accounting expenses;
C. 
Premiums for insurance coverage on fund assets;
D. 
Reasonable and necessary counsel fees incurred for advice or to defend the fund; and
E. 
Legitimate travel and education expenses for officials of the plan.
5. 
Council, in its 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 Administrator shall document all such expenses item by item, and where necessary, hour by hour.
[Ord. No. 1014, 6/8/2020]
1. 
The actuarial reports described above shall be prepared and filed under the supervision of the Chief Administrative Officer.
2. 
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 Borough with respect to funding the plan for a given plan year. The Chief Administrative Officer shall submit the financial requirements of the plan and the minimum obligation of the Borough to Council annually and shall certify the accuracy of such calculations and their conformance with Act 205.
[Ord. No. 1014, 6/8/2020]
Prior to the adoption of any provision that modifies a benefit provided hereunder the Chief Administrative Officer shall provide to Council a cost estimate of the proposed modification. Such estimate shall be prepared by an approved actuary, which estimate shall disclose to Council the impact of the proposed modification on the future financial requirements of the plan and the future minimum obligation of the Borough with respect to the plan.
[Ord. No. 1014, 6/8/2020]
1. 
Payments of general municipal state aid, or any other amount of state aid received pursuant to Act 205 from the Commonwealth of Pennsylvania which are received by the Borough and deposited into the fund shall be used as follows:
A. 
To reduce the amortization of the unfunded liability, or after such liability has been funded;
B. 
To apply against the annual obligation of the Borough for future service costs, or to the extent that the payments may be in excess of such obligation;
C. 
To reduce member contributions hereunder.
[Ord. No. 1014, 6/8/2020]
See Subpart E.
[Ord. No. 1014, 6/8/2020]
The remainder of the annual contributions required under provisions of Act 205, as determined by the actuary to the plan in accordance with Act 205, shall become the obligation of the Borough and shall be paid into the fund by annual appropriations.