A.
The Actuary to the Plan shall perform an actuarial valuation at least biennially (unless the Township is applying or has applied for supplemental state assistance pursuant to Act 205, for purposes of this article, whereupon actuarial valuation reports must be made annually.)
B.
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.
C.
Such actuarial valuation shall be prepared and certified by an approved Actuary, as such term is defined in Act 205.
D.
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:
(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 officials of the Plan.
E.
The Board, 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.