Section 604. Recovery program level I.
(a) Level I.--Any municipality to which level I of the recovery program applies may utilize the following remedies:
(1) The aggregation of trust funds pursuant to section 607(b).
(2) The establishment of total member contribution pursuant to section 607(c).
(3) The deviation from municipal contribution limitations pursuant to section 607(d).
(b) Implementation.--(Deleted by amendment).
(c) Reduction for level I municipalities.--
(1) A level I municipality may elect to pay a reduced minimum municipal obligation consisting of the normal cost and administrative expenses of the pension plans plus:
(i) 75% of the amortization contribution requirement, calculated according to section 202(b)(4); minus
(ii) anticipated member contributions.
(2) This reduction of payments to amortize the actuarial accrued liability shall be authorized for a period of one biennial actuarial valuation reporting period (total of two years) under section 607(h.1). At the end of this period, section 302(c) shall apply to the minimum municipal obligation calculation.
(d) Asset valuation.--
(1) Following the expiration of the period applicable to asset valuation under section 210(c), for an additional period of one biennial actuarial valuation reporting period (allowing an additional two years for a total of four years), a level I municipality may utilize a method for valuing assets that may not produce a result that in total is:
(i) greater than 130% of the fair market value of the assets of the municipal pension plan; or
(ii) less than 70% of the fair market value of the assets of the municipal pension plan.
(2) At the end of the additional period under paragraph (1), section 210 shall apply to the actuarial valuation of assets.
(604 amended Sept. 18, 2009, P.L.396, No.44)