(A) The annuity reserve fund is hereby created. It shall be the fund in which shall be accumulated contributions by the city, and from which shall be paid annuities and other payments as provided in this article. The city's contributions to the retirement plan shall be determined and paid in accordance with the provisions of § 3-6-11(B).
(B) (1) Upon the basis of such mortality and other tables of experience as the Committee shall from time to time adopt, and regular interest, the Committee shall annually determine, by means of an actuarial valuation of the retirement plan, the annuity reserve liabilities covering:
(a) Annuities to be paid members upon their retirements from service; and
(b) Annuities being paid annuitants.
(2) The said annuity reserve fund shall be amortized over the future natural lifetime of the said members and annuitants. The Committee shall annually certify to the City Council the amortization payment so determined for the ensuing fiscal year, and the City Council shall appropriate and the city shall pay such amount into the annuity reserve fund in the ensuing fiscal year in twelve equal monthly payments, beginning August 20 of each year and on or before the 20th day of each month thereafter.
('74 Code, § 2-5-11) (Ord. 964; Am. Ord. 6-1988)