§ 18-47. City contributions.

Latest version.

(a)

Each year the city shall pay into the fund an amount which is equal to the difference between the normal cost for the year, as determined by the most recent actuarial valuation of the liabilities of the system, and the sum of aggregate member contributions for the year.

(b)

The city shall also pay into the fund in addition to the amounts provided for above, such amounts as shall be determined on an actuarial basis as necessary to amortize the liability of the city for prior service hereunder over a period of not to exceed forty (40) years.

(c)

All required city contributions shall be deposited to the fund in quarterly installments.

(Code 1964, § 9A-8(B); Ord. No. 1416, § 8, 8-27-86)

Cross reference

Casualty insurance premium tax, § 24-36.

                    
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