§ 3-529. CITY CONTRIBUTIONS FOR CURRENT SERVICE.

(a)

There shall be paid into the Retirement Fund, by contributions of the City, amounts necessary to pay all pensions, other benefits allowable under the Retirement System to members on account of current services and not provided by members' accumulated contributions derived from the normal rates of contribution provided for in Section 3-523, and all administrative costs as set forth in Section 3-532. The Board shall annually apply the city's current service rate of contributions as determined by the actuary and approved by the Board, to the aggregate amount of members' compensation earned, or (with respect to members absent in military service and either themselves contributing or having contributions made for them by the city) members' compensation earnable during said month and shall certify the result of such application to the Controller segregated according to compensation paid or payable from:

(1)

Funds of operating public utilities;

(2)

Bond funds not included under preceding item (1);

(3)

Other special funds;

(4)

All other sources.

(b)

There shall be paid to the Retirement Fund from each of the funds listed above, an amount equal to the amount certified by the Board as required by this section. The Controller shall transfer the amount certified with respect to all other sources as set forth in item (4) above, to the Retirement System from the budget appropriations of the Retirement Fund for the then fiscal year. Nothing in this section, however, shall prevent the determination of the amount of city's contributions required to be transferred from any particular fund, as being the amount which bears the same ratio to the total city's contributions to be transferred, as the compensation paid to Retirement System members under such fund for the period in question, bears to total compensation paid to Retirement System members from all funds for said period.

(c)

Any other provisions of this article to the contrary notwithstanding, the Board may provide for the funding over a period of thirty years of any deficit which may result to the Retirement System because of amendments of this article effected by Ordinance No. 69-60.

(Added Ord. 5313, 1958; Am. Ord. 69-60, 1969; Am. Ord. 91-49, § 1, eff. 6-7-91; Am. Ord. 96-54, § 60, eff. 9-20-96).