§ 3-324. CITY CONTRIBUTIONS.  


Latest version.
  • There shall be paid into the Retirement Fund, by contributions of the city, amounts necessary to pay all allowances, other benefits allowable under the Retirement System to or on account of members and not provided by members' accumulated contributions, and all administrative costs as set forth in Section 3-325. Until revised by the Board on the basis of experience, as determined in accordance with Section 3-305, the city's rate of contribution for the purposes of this section shall be 38.95 percent. This rate shall be adjusted by the Board in accordance with such tables and rates as the Board may adopt pursuant to Section 3-305. The above city rate shall be the sum of the following:

    (a)

    With respect to members whose employment in the Fire or Police Department began prior to July 1, 1954, the liability on account of those members or beneficiaries on the pension roll on July 1, 1975, shall be amortized over a thirty-year period and expressed as a level percentage of the aggregate amount of compensation earned by all active members of the retirement system.

    (b)

    With respect to the liability of the retirement system other than that in subsection (a), the city shall have a normal contribution rate which shall be computed as a level percentage of compensation which, when applied to the future compensation of the average new member entering the system, together with the required member contributions, will be sufficient to provide for the payment of all prospective benefits of such member. The portion of liability not provided by the normal contribution rate shall be amortized at a rate determined by the System's actuary pursuant to the Board's actuarial funding policy, as it may be amended from time to time, that is in accord with Article 16, Section 17 of the California Constitution.

(Added Ord. 5313, 1958, based on former Sec. 2-718; Am. Ord. 5667, 1959; Am. Ord. 76-46, § 1, eff. 6-27-76; Am. Ord. 88-145, § 1, eff. 12-23-88; Am. Ord. 91-48, § 1, eff. 6-7-91; Am. Ord. 96-54, § 21, eff. 9-20-96; Am. Ord. 2013-10, § 1, eff. 5-31-13).