(a) The cost of actuarial valuation made under the provisions of § 24-11-102 shall be paid by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund which proposes to increase member or beneficiary benefits under the fund.
(b) The actuarial valuation shall include:
(1) The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund;
(2) A detailed statement of the proposed benefit increases;
(3) A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and
(4) A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund.