(A) The Pension Reserve Fund is hereby created. It shall be the fund in which shall be accumulated reserves for all pensions and other benefits payable from contributions made by the city; and from which shall be paid all pensions as provided in this chapter. Upon the basis of such mortality and other tables of experience, and regular interest, as the Board of Trustees shall from time to time adopt, the actuary shall annually compute the pension reserves: for service rendered and to be rendered by members; and pensions being paid retirants and beneficiaries. The said pension reserves shall be financed by annual appropriations, to be made by the Council, determined according to divisions (A)(1), (A)(2), and (A)(3) below.
(1) The annual appropriation for members’ current service shall be a percent of their annual compensations which will produce an amount which, if paid annually by the city during their periods of future service, will be sufficient to provide the pension reserves at the time of their retirements for the portions of the pensions to be paid them based upon their future service.
(2) The annual appropriation for members’ accrued service shall be a percent of their annual compensations which will produce an amount which, if paid annually by the city over a period of years, to be determined by the Council, will amortize, at the regular interest, any unfunded pension reserves for the portions of the pensions to be paid them based upon their accrued service.
(3) The annual appropriation for pensions being paid retirants and beneficiaries shall be a percent of the annual compensations of members which will produce an amount which, if paid annually by the city over a period of years, to be determined by the Council, will amortize, at regular interest, any unfunded pension reserves for pensions being paid retirants and beneficiaries.
(B) The Board of Trustees shall report to the Council in each fiscal year the amounts of contributions, determined in accordance with the provisions of this section, to be made by the city to the retirement system in the next ensuing fiscal year. The Council shall appropriate the required contributions each year and the city shall pay such amounts to the system in the ensuing fiscal year. When paid, such amounts shall be credited to the Pension Reserve Fund.
(Prior Code, § 16.25) (Ord. D-678, passed 1-18-1965, effective 2-1-1965; Ord. D-1592, passed 6-19-1989, effective 6-29-1989; Ord. D-1737, passed 3-20-1995, effective 3-30-1995)