Section 301. Municipal pension plan minimum funding standard; application and general provisions.
(a) Application.--Notwithstanding any provision of law, municipal ordinance, municipal resolution, municipal charter, pension plan agreement or pension plan contract to the contrary, the applicable provisions of this chapter shall apply to any municipality which has established and maintains, directly or indirectly, a pension plan for the benefit of its employees, irrespective of the manner in which the pension plan is administered, and to the respective pension plan.
(b) Disclosure of noncompliance.--In the event that any municipality or pension plan fails in a material way to comply with any applicable provision of this chapter, the commission shall notify the Governor and the General Assembly of that noncompliance in a public report issued annually for this purpose.