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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXI LABOR AND INDUSTRIES
  • CHAPTER 151D HEALTH, WELFARE AND RETIREMENT FUNDS
  • Section 3A Periodic review of registered pension plans; exceptions; report

Section 3A. The plan administrator or trustee of a registered pension plan except plans with less than twenty-six participants or pension plans or profit-sharing retirement plans funded solely by the direct purchase of an insurance contract or group annuity contract, or that portion of combination plans funded solely by the direct purchase of an insurance contract or group annuity contract, shall cause the plan to be reviewed not less than once every five years by a qualified certified public accountant or public accountant or actuary and shall submit a report of such review to the board stating:

(a) the estimated cost of statutory vested benefits in respect to service in the next succeeding five-year period and the formula for computing such cost for such subsequent five-year period.

(b) the contributions made by the employer for the preceding five-year period to fund the statutory vested benefit.

(c) the surplus or the experience deficiency for statutory vested benefits in the pension plan after making allowances for the present value of all special payments required to be made in the future by the employer as determined by previous reports.

(d) the special payments which will liquidate any such experience deficiency over a term not exceeding five years; and the actuarial assumptions and methods used in the determination.