§ 21.12-1211. Pension Fund Limitations.

 Any pension system continued or established by the Board shall at all times be maintained in an actuarially sound condition as determined annually by an independent qualified actuary in a report to be submitted to the Board.

   Commentary: : The purpose of this provision is to assure the continual appropriate funding of any Township pension plan. The requirement of actuarial soundness does not, of course, require the plan to be fully funded at all times since in any situation in which benefits are significantly increased there inevitably will be a back-funding requirement. Actuarial soundness requires that this back-funding be provided in a reasonable period of time as recommended by an actuary.