(A) Upon the basis of mortality and other tables of experience as the Board shall from time to time adopt, and regular interest, the actuary shall annually compute the city's contributions to the retirement system in the manner set forth as follows.
(1) An amount which, if paid annually by the city during the future service of members, will be sufficient, together with the expected net future contributions of members, to provide reserves at the time of their retirements for pensions based upon future service likely to be rendered by members.
(2) An amount which, if paid annually by the city over a period of years to be determined by the Council, not to exceed 40 years, will be sufficient, together with applicable fund balances, to provide reserves at the time of members' retirements for pensions based upon their accrued service.
(3) An amount which, if paid annually by the city over the future natural lifetime of retirants and beneficiaries, will be sufficient, together with applicable fund balances, to provide reserves for pensions payable to the retirants and beneficiaries.
(B) Each year, the Council shall appropriate the amounts of contributions as determined in divisions (A)(1), (A)(2), and (A)(3) of this section, and the city shall pay the amounts into the pension accumulation fund during the ensuing fiscal year.
(C) Upon termination of the retirement system or upon complete discontinuance of contributions under the retirement system, the rights of all members to benefits accrued to the date of such termination or discontinuance, to the extent then funded, shall be nonforfeitable.
(‘83 Code, § 36.48) (Am. Ord. 2002-007, passed 5-13-02)