Sec. 121.603. - Actuarial and investment reports.

(a) The Police and Fire Pension Fund Board of Trustees shall have the duty to have an annual actuarial valuation of the Police and Fire Pension Fund performed by the Board of Trustee's actuary. This valuation shall be performed as of October 1 of each year. The annual actuarial valuations shall be completed and delivered as expeditiously as possible to the Board, the Financial Investment and Advisory Committee, the City's Director of Finance and Administration and to the City Council Auditor promptly upon completion but, in any event, the Board of Trustees shall have the valuation analyses and reports completed and delivered no later than 120 days after October 1. The 120-day deadline set forth herein is conditioned upon the City promptly responding to reasonable requests made by the Board of Trustees to the City for information necessary for the preparation of such valuations. (b) In addition to following all professional standards and requirements for actuarial analysis and reporting, the Board of Trustees will utilize the following approaches and assumptions: (1) Annual actuarially required contributions calculations based on most recent actuarial assumptions; (2) No fewer than two alternative funding scenarios based on variable investment performance in addition to the base case, that extend to future years and incorporate volatility; (3) The latest "experience studies" prepared by the Board's actuary; (4) Consistency in actuarial methods; (5) Accrual method: Entry Age Normal (EAN); (6) Annual normal cost disclosure, using a separate annual normal cost disclosure for each pension group as those groups are defined in Part 2, Chapter 121 , Ordinance Code; and (7) Unfunded liabilities will be amortized as separate annual bases over closed 30-year periods or less, unless otherwise required by law. (c) The actuarial practices will be consistent from year to year unless changed through an "experience study" or decision of the Board, with advice from the Financial Investment and Advisory Committee, or unless necessary for compliance with applicable laws or regulations. (d) The Board of Trustees must distribute to City's Chief Financial Officer and City Council Auditor the Police and Fire Pension Fund's quarterly investment return reports. These reports must, at a minimum, show gross gain/loss results as well as gain/loss results net of investment fees. These quarterly reports must also include comparisons to (1) assumption and benchmarks of the Police and Fire Pension Fund and (2) results of comparable pension funds. (Ord. 2015-304-E , § 4; Ord. 2016-140-E , § 16)