A. It shall be the exclusive duty of the Board to serve as fund trustees and to receive, disburse, retain, invest and reinvest the fund created by virtue of this part and to pay over by warrant or check the amount due under this plan to members or their widows or widowers or their estates or children. The Board, with the approval of the Finance Director of the City, may enter into agreements with reputable institutions to perform any of the aforesaid duties, including, but not limited to, advising the Board with respect to any and all of its duties, but in the event the Board does so, any such agreement shall require the institutions involved to provide the Board with written reports concerning its activities at least once every six months. The compensation of such institutions shall be paid by the fund or such source of pay as is designated by applicable law. The fund shall be used for the exclusive purpose of funding and paying benefits provided hereunder, and a reversion of fund assets or a return of City contributions is prohibited, except as otherwise provided by applicable law or IRS Revenue Ruling 91-4.
B. The City shall contribute to the fund an amount sufficient to meet the requirements of the fund but such amount shall not be less than Subsection B(1), nor more than Subsection B(2).
(1) An amount equal to 1/2% of all City taxes levied by the City, other than taxes levied to pay interest on or to extinguish the debt of the City or any part thereof, plus such additional amounts as are actuarially necessary to provide for the cost of pensions paid to widows, widowers and children of members.
(2) An amount equal to 3% of all City taxes levied by the City other than taxes levied to pay interest on or to extinguish the debt of the City or any part thereof, plus such additional amounts as are actuarially necessary to provide for the cost of pensions paid to widows, widowers and children of members.
(3) The City may take by gift, grant, devise or bequest any money or property, real, personal or mixed, for the benefit of this fund. The Board shall enter into such agreements for the care, management and disposal of such funds, in a manner consistent with the directions of the respective donors.
C. Effective January 1, 2007, notwithstanding anything the contrary provided herein, the City shall guarantee placement of funds to make the current police pension solvent to accommodate the increase in benefit. Said fund amount shall be determined and agreed upon by both the City and FOP.