The fund of the retirement system shall consist of monies derived from the following sources:
(A) There shall be transferred of the pension fund of this system, all monies paid by the city into any other pension and retirement system of the city on account of employees of the Police Department who are eligible for memberships in this system at the effective date of this act and become members according to the terms of this act. The funds so transferred together with the contributions of the transferring members, with interest thereof to the date of transfer, shall be credited against the city's liability for creditable service prior to the effective date of the act for persons who become members of the system created thereby.
(B) After October 1, 1969, the city shall pay into the fund of the system created by this subchapter, in payments not less frequent than quarterly, such amounts as will, together with the monies transferred under the provisions of division (A) of this section, amortize the city's liability for creditable service prior to the effective date of this subchapter for persons who become members of the system created hereby, at a uniform rate over a 40 year period, together with 4% interest on the unpaid balances of such prior service liability.
(C) During each city fiscal year, the city shall pay into the fund of the system created by this act such amounts as are determined to be required in this section, in addition to the personal contributions of the members to fully amortize the liability for pensions incurred during said fiscal year, to be computed on an interest rate as determined from time to time by the Board of Trustees on the advice of the actuary.
(D) Group One restored members, Group Two restored members, and Group Three members shall contribute 9.5%, effective with the first full pay period that starts on or after February 20, 2019. Upon entry into the DROP plan, Group One restored members and Group Two restored members shall cease making employee contributions. Upon entry into the reformed planned retirement benefit Group Three members shall contribute either the employee's contribution rate as provided elsewhere in this subchapter or 0.5% of the member's earnings until termination of employment.
(1) All computations of liability in connection with the system created hereby shall be based on such tables and rates as are approved by the Board of Trustees. The Board shall designate an actuary who shall recommend such tables and rates for adoption by the Board. The actuary designated by the Board, on the basis of such tables and rates shall determine the amounts to be paid into the system by the city, as provided for herein. There shall be a complete actuarial valuation prepared by the actuary at least every three years, and the city shall make such adjustments in its contributions as shall be shown to be required by such actuarial valuation. The money required to meet all obligations of this system over and above the personal contributions forthcoming from members, is herebydeclared to be the liability and obligation of the city. Therefore, the City Commission shall budget annually, in the manner provided by law, to produce the amounts required to be contributed by said city to this system.
(2) Nothing in this subchapter shall be construed to prevent the city administration from appropriating monies from the General Fund or from any special funds of the city, for the purpose of creating or adding to the Pension Fund created by this subchapter, and the city shall have the right to appropriate monies from the General Fund or any Special Fund of the city, and furthermore, the city shall have the right and power to designate other sources of revenue for the Pension Fund created by this subchapter. No monies raised by taxation or otherwise provided for said Pension Fund shall be used other than for the purpose of this subchapter.
(Ord. O-91-82, passed 11-20-91; Am. Ord. O-2001-13, passed 5-2- 01; Am. Ord. O-2007-15, passed 6- 20-07; Am. Ord. O-2009-28, passed 9-16-09; Am. Ord. O-2009-29, passed 9-16-09; Am. Ord. O-2011- 27, passed 9-7-11; Am. Ord. O- 2013-18, passed 7-17-13; Am. Ord. O-2015-22, passed 10-7-15; Am. Ord. O-2019-02, passed 2-20-19)