Duties of chief financial officer and of board of trustees as to referendum; fiscal statement

Whenever the question of the adoption of the act of which this act is an amendment and supplement is to be submitted to the voters at the general election in any year, the chief financial officer of the county, municipality or political subdivision in which the question is to be submitted shall, on or before July fifteenth preceding such election, mail to the board of trustees full information, on forms to be supplied by request by the board of trustees, as to the employees who may be covered if the act is adopted. The board of trustees shall, prior to August thirty-first of said year, transmit to the governing body of such county, municipality or political subdivision the following fiscal statement with respect to the effect of the adoption of the act: (1) Estimated cost to the municipality, county or political subdivision, as the case may be, as follows: (a) The annual normal contribution to be made on account of employees then in service. (b) The percentage of payroll for employees then in service, to meet the contribution under (a). (c) The estimated lump sum of accrued liability for services rendered and to be rendered prior to the following January first. (d) The percentage of present payroll to meet the liability stated in (c). (e) The estimated annual contribution on account of the accrued liability if paid in ten installments. (f) The percentage of present payroll, to meet the accrued liability, as stated in (e). (g) The estimated annual contribution on account of accrued liability if met in twenty-five installments. (h) The percentage of present payroll, to meet the accrued liability, as stated in (g). (2) The annual contribution of the employee stated in percentage of pay for the several age brackets as of the following January first.