(1) It is in conformity with the requirements of the Social Security Act, 42 U.S.C. § 301 et seq., and with the Section 218 agreement entered into under § 24-1-204;
(2) It provides that all services which constitute employment as defined in § 24-1-202 and are performed by the employees of a political subdivision shall be covered by the plan;
(3) It specifies the sources from which the funds necessary to make the payments required by § 24-1-208(a)(1) and § 24-1-208(b) are expected to be derived and contains reasonable assurance that the sources will be adequate for that purpose;
(4) It provides for methods of administration of the plan by the political subdivision as are found by the system to be necessary for the proper and efficient administration of the plan; and
(5) It provides that the political subdivision shall make reports in such form and containing such information as the system may require and shall comply with the provisions as the system or the Commissioner of Social Security may find necessary from time to time to assure the correctness and verification of reports.
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