Notwithstanding the provisions of Section 2.124.1730 of this chapter, increases in allowances for contributing members who have made the election provided in Sections 2.124.1740 and 2.124.1760 of this chapter, shall be funded insofar as possible from moneys in the contingency reserve of the retirement system which are in excess of three percent of the total assets of the retirement system on July 1, 1968, and by such money from such contingency reserve as should be determined by the board as of June 30th of each year thereafter, to be in excess of three percent of the total assets of the retirement system as of that date. Any additional money required for such increases shall be provided by equal contributions from the contributing members and from the city, at rates fixed by said board in accordance with the provisions of former (1989) Charter Section 379, and to be designated "cost-of-living contributions." The individual member's contribution shall be graded in proportion to the member's normal contribution.
As used in this section, the term "contributing member" means any member of the retirement system who has made the election provided for in Sections 2.124.1740 and 2.124.1760 of this chapter to receive the benefits provided in former (1976) Charter Section 354. (Prior code § 34.09.906)