The Board of Trustees of the Louisville Firefighters Pension fund shall prepare a budget request each year for submission to the Metro Council. The budget request shall be on an actuarially funded basis sufficient to provide for the annuities to be paid from said fund, and the request shall be equal to the sum of the following:
(A) The annual normal cost result from an actuarial valuation applying an aggregate version of the entry age normal actuarial funding method, which determines normal cost as a level percentage of salary, after taking credit for the contributions by the members. Such normal cost shall be calculated by the Board annually, prior to the beginning of each fiscal year, on recommendation of the actuary selected by the Board.
(B) Changes in prior service liability resulting from amendments to this subchapter or changes in actuarial assumptions occurring after June 30, 1985, shall be amortized over 30 years. Changes in prior service liability created pursuant to the enactment of § 32.160(A) of this subchapter after the date of the enactment thereof shall be amortized over 15 years. Changes to prior service liability resulting from actuarial gain or loss shall be amortized over 15 years. Changes in prior service liability resulting from actuarial gain or loss shall be determined every year, and included in the regular actuarial valuation process.
(C) An itemized account of the estimated funds needed to defray proper and necessary expenses connected with the administration of the fund.
(1999 Lou. Code, § 36.153) (Lou. Ord. No. 288-1984, approved 10-26-1984; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 128-2005, approved 8-29-2005; Lou. Metro Am. Ord. No. 102-2006, approved 6-30-2006)