Section 201. Requirement to file actuarial valuation report or experience investigation.
(a) Actuarial valuation report required.--Each municipality which has established or maintains a pension plan for its employees, including any municipality which participates in the Pennsylvania Municipal Retirement System, shall cause to be made actuarial valuation reports. Actuarial valuation reports shall be made biennially, unless the applicable municipality is applying or has previously applied for supplemental State assistance pursuant to section 603, whereupon actuarial valuation reports shall be made annually. Each municipality which has established or maintains a pension plan for its employees and has an active, vested inactive and benefit recipient membership equal to or greater than 1,000 shall also cause experience investigations to be made. Experience investigations shall be made quadrennially.
(b) Filing date for actuarial valuation report.--The biennial actuarial valuation report required pursuant to subsection (a) shall be made as of the beginning of each plan year occurring in an odd-numbered calendar year and shall be filed with the executive director of the commission no later than the last business day of March occurring in the following calendar year. For the initial filing pursuant to this chapter, the actuarial valuation report shall be made as of the beginning of the plan year occurring in calendar year 1985.
(c) Filing date for experience investigation.--The quadrennial experience investigation required pursuant to subsection (a) shall accompany every other actuarial valuation report and shall cover the five-year period ending as of the end of the plan year preceding the plan year for which the actuarial valuation report is filed. For the initial filing pursuant to this chapter, the experience investigation shall be made for the five-year period ending as of the end of the plan year occurring on or after December 31, 1984, and before December 31, 1985. The experience investigation shall be filed with the executive director of the commission.
(d) Responsibility for preparation and filing of reports and investigations.--The actuarial valuation report or experience investigation required pursuant to subsection (a) shall be prepared under the supervision and at the direction of the chief administrative officer of the municipality, who shall also be responsible for the filing of the document. The actuarial valuation report or experience investigation shall be signed by the chief administrative officer, indicating that to the extent of the understanding and knowledge of the officer, the report or investigation represents a true and accurate portrayal of the actuarial, financial and demographic condition of the pension plan of the municipality.
(e) Actuarial valuation report and experience investigation as public record.--Each actuarial valuation report and experience investigation is a public record. The chief administrative officer of the municipality to which the pension plan is associated shall take whatever steps are deemed necessary to insure that the information contained in the actuarial valuation report or experience investigation is made available to active members or benefit recipients of the pension plan.