(a) The Pension Reserve Fund, heretofore established by the Charter, as amended, is hereby retained. It shall be the fund in which shall be accumulated reserves for the payment of all pensions payable from funds provided by the City. Upon the basis of such mortality and other experience tables, and regular interest, as the Retirement Commission from time to time adopts, the actuary shall annually compute the pension reserves for pensions being paid retirees and beneficiaries and covering service rendered and to be rendered by members. Such pension reserves shall be financed by annual appropriations, to be made by Council, determined according to subsections (b) through (d) hereof, and subject to subsection (e) hereof.
(b) The appropriation for members' current service shall be a percentage of their annual compensations which will produce an amount which, if paid annually by the City during their future service, will be sufficient to provide the reserves, at the time of their retirements, for the portions of the pensions to be paid them based upon their future service.
(c) The appropriation for members' accrued service shall be a percentage of their annual compensations which will produce an amount which, if paid annually by the City over a period of years, to be determined by the Commission, will amortize, at regular interest, the unfunded pension reserves for the accrued service portions of the pensions to which they may be entitled.
(d) The appropriation for pensions being paid retirees and beneficiaries shall be a percentage of the annual compensations of members which will produce an amount which, if paid annually by the City over a period of years, to be determined by the Commission, will amortize, at regular interest, the unfunded pension reserves for pensions being paid retirees and beneficiaries.
(e) Within thirty days from and after the date this retirement system takes effect, the pension reserves for pensions being paid retirees and beneficiaries shall be transferred from the Pension Reserve Fund to the Retirement Reserve Fund. Therefore, all pensions should be paid from the Retirement Reserve Fund. Upon the retirement of a member, or at the time a pension becomes payable to a beneficiary on account of the death of a member, the reserve for such pension shall be transferred from the Pension Reserve Fund to the Retirement Reserve Fund. The Commission may, from time to time, transfer from the Pension Reserve Fund to the Retirement Reserve Fund such additional amounts as determined to be necessary for the proper maintenance of the Retirement Reserve Fund.
(Res. 88-388. Passed 5-23-88.)