(a) Contribution amount.
(1) For each pay period ending during a transition year, the city shall contribute to the retirement fund an amount equal to:
(A) 63 percent times the current total obligation rate for that fiscal year times the members' wages for the pay period, minus
(B) the pension obligation bond credit rate for that fiscal year times the members' wages for the pay period.
(2) For each pay period ending during a fiscal year other than a transition year, the city shall contribute to the retirement fund an amount equal to:
(A) 63 percent times the current adjusted total obligation rate for that fiscal year times the members' wages for the pay period, minus
(B) the pension obligation bond credit rate for that fiscal year times the members' wages for the pay period.
(b) The city shall provide for costs of administration of the retirement fund, if the board determines that payment of the costs by the retirement fund will have an adverse effect on payment of benefits and that the costs are necessary. The city may modify any budget provision for administrative costs that it is being asked to fund under this subsection.
(c) The total contributions of the employees and the city must be forwarded by the city to the retirement fund not later than the end of each week for all contributions made as to the pay period ending in that week.
(d) The city may not contribute to the retirement fund for an employee on leave of absence or unpaid leave for military active duty.
(e) The city may not withdraw its contribution previously made to the retirement fund. Nothing in this subsection prohibits the administrative adjustment of future contributions for erroneously made prior contributions, if the adjustment is made within 60 days after the error is made or discovered, whichever occurs later.
(f) All payments and benefits provided for in this chapter must be made from the retirement fund. There is no obligation on the part of the city, the board, or the employees to provide for payment of benefits from any other source, nor is there any liability on the city or the employees to make any contribution other than those specified in this section and Section 40A-6. (Ord. Nos. 15414; 18181; 19470; 20960; 21582; 25695; 30162)