2.124.930 Member contributions.

   The normal rate of contribution of each member of this plan shall be determined as follows:

   A.   Periodically, at the times of the actuarial investigations, the board shall determine the projected costs of providing any and all benefits established for persons who are members of the system under this plan. Costs shall be segregated between those attributable to the benefits established for safety members and those attributable to benefits established for miscellaneous members and further segregated for service on and after April 1, 1935.

   B.   Upon recommendation of the consulting actuary, the board shall adopt a rate of contribution applicable to all members of this plan who are safety members and a rate of contribution applicable to all members of this plan who are miscellaneous members. Subject to the assumptions specified in Section 2.124.920 of this chapter, the contribution rate for each group shall be such that when applied to the respective factors outlined in subsection C of this section, there shall be generated an amount sufficient to fund one-half of the projected costs of benefits attributable to or based on service after April 1, 1935, for all members of the respective group. The rate so developed shall be called the group rate.

   C.   The contribution rate of each individual member of this plan shall be determined by multiplying one group rate established in subsection B of this section, by the factor applicable to his or her nearest age at the effective date of his or her membership in the retirement system as set forth in the following tables:

SAFETY MEMBERS
Age at Entry	Factor
21	.801
22	.824
23	.847
24	.869
25	.892
26	.915
27	.938
28	.960
29	.983
30	1.006
31	1.029
32	1.052
33	1.074
34	1.097
35	1.120
36	1.143
37	1.165
38	1.188
39	1.211
40	1.234
41	1.257
42	1.279
43	1.302
44	1.325
45	1.348
46	1.371
47	1.393
48	1.416
49 & over	1.439

 

MISCELLANEOUS MEMBERS
Age at Entry	Factor
20 & under	.800
21	.812
22	.825
23	.837
24	.849
25	.861
26	.874
27	.886
28	.898
29	.910
30	.923
31	.935
32	.947
33	.959
34	.971
35	.984
36	.996
37	1.008
38	1.020
39	1.033
40	1.045
41	1.057
42	1.069
43	1.082
44	1.094
45	1.106
46	1.118
47	1.130
48	1.143
49	1.155
50	1.167
51	1.179
52	1.192
53	1.204
54 & over	1.216

 

   Such factors may be revised from time to time by the board, but in no event shall the total amount of member contributions calculated to be produced by the use of such factors be greater or less than an amount necessary to provide one-half of the total projected costs as described in Section 2.124.920 of this chapter and subject to the assumptions specified therein.

   D.   There shall be deducted from each payment of compensation made to a member of this plan a sum determined by applying the member's normal contribution rate to such compensation. The sum so deducted shall be paid forthwith to the retirement system. Such contribution shall be credited to the individual account of the member from whose compensation it was deducted and the total of such contributions, together with interest credited thereon, shall be applied to provide part of the retirement allowance or benefit payable to or on account of such member.

   E.   Contributions based on membership in the retirement system and deducted prior to the effective date of their membership in this plan, from compensation of persons who elected to become members under the option provided by former (1976) Charter Section 303, and standing with interest thereon, to the credit of such members on the records of the retirement system on the date of their membership in this plan, shall continue to be credited thereon to the individual accounts of such members and shall be combined with and administered in the same manner as the contributions deducted after such date. (Prior code § 34.05.542)