(A) The reserve for employer contributions shall be the account to which shall be credited contributions made by the city to the retirement system and from which shall be made transfers as provided in this section.
(B) Each year following receipt of the report of the annual actuarial valuation, the excess, if any, of the reported value of pensions being paid and likely to be paid retirants and beneficiaries over the balance in the reserve for retired benefit payments shall be transferred from the reserve for employer contributions to the reserve for retired benefit payments.
(C) (1) The financial objective of this section is to require city contributions to the retirement system each fiscal year which together with the contributions made by members during the fiscal year shall be sufficient to:
(a) Fully fund the cost of benefits likely to be paid on account of service rendered by members during the year; and
(b) Finance unfunded costs of benefits likely to be paid on account of service rendered by members prior to the current year over a period of not more than 40 years.
(2) Such contributions shall be computed by the actuary as level percents of member payroll in accordance with generally accepted actuarial principles. The city shall also contribute the anticipated cost of any retirement system insurance coverage provided retirants and beneficiaries, to the extent such costs cannot be covered by the unencumbered balance in the reserve for undistributed investment income. The Board shall annually certify to the City Commission the contributions determined according to this section, and the Commission shall appropriate and pay to the retirement system the contributions so certified.
(Ord. passed 11-20-1980; Am. Ord. 94-13, passed 5-5-1994; Am. Ord. 09-01, passed 2-5-2009)