§ 3-523. NORMAL CONTRIBUTIONS OF MEMBERS.

The normal rates of contribution of all members shall be those adopted by the Retirement Board and shall be based on nearest age at time of entry into the Retirement System. Such normal rate for each member shall be such as will provide, on the basis of experience as interpreted by the actuary, an average annuity at age fifty-five equal to one-third ( 1/3 ) of (1) one-fiftieth ( 1/50 ) of such member's final compensation, for each of the first twenty-five years of service as a member, plus (2) one one-hundredth ( 1/100 ) of such final compensation, for each year of service in excess of the first twenty-five years of such service, not including automatic continuance to dependents. The actual amount of annuity receivable, however, by a member upon retirement for service shall be the actuarial equivalent of the member's accumulated contributions as provided in Section 3-541 hereof. The rates so adopted shall remain in full force and effect until revised or changed by the Retirement Board in the manner provided in Section 3-504. (Added Ord. 5313, 1958, based on former Sec. 2-817; Am. Ord. 6809, 1966; Am. Ord. 6809, 1966; Am. Ord. 69-60, 1969; Am. Ord.79-71, § 1, eff. 2-23-79)