Section 895.606 - Recovery program level III(a)Optional remedies.--Any municipality to which level III of the recovery program applies may utilize the following remedies: (1) The establishment of total member contributions pursuant to section 607(c).(2) The deviation from municipal contribution limitations pursuant to section 607(d).(3) The special municipal taxing authority pursuant to section 607(f).(b)Mandatory remedies.--Any municipality to which level III of the recovery program applies shall utilize the following remedies:(1) The aggregation of trust funds pursuant to section 607(b).(2) The establishment of a revised benefit plan for newly hired municipal employees pursuant to section 607(e).(3) The preparation, submission and implementation of a plan for improvement of the administration of the pension plan or plans pursuant to section 607(i).(c)Reduction for level III municipalities.--(1) A level III municipality may elect to pay a reduced minimum municipal obligation consisting of the normal cost and administrative expenses of the pension plan, plus 75% of the amortization contribution requirement calculated according to section 202(b)(4) minus anticipated member contributions.(2) The municipality may utilize the reduction described in paragraph (1) or a period of three consecutive actuarial valuation reporting periods, total of six years, under section 607(h.1). At the end of this period, section 302(c) shall apply to the minimum municipal obligation calculation.(3) Following the expiration of the period applicable to the asset valuation provisions of section 210(c), a level III municipality may utilize a method for valuing assets that may not produce a result that in total is greater than 130% or less than 70% of the fair market value of the assets of the municipal pension plan, for an additional period of two biennial actuarial valuation reporting periods (allowing an additional four years for a total of six years), at the end of which period the actuarial valuation of assets shall revert to the method provided by section 210. 1984, Dec. 18, P.L. 1005, No. 205, § 606, imd. effective. Amended 2009, Sept. 18, P.L. 396, No. 44, § 10, imd. effective.