(A) The Income Fund is hereby created. It shall be the fund to which shall be credited all interests, dividends, and other income from investments of the retirement system, all transfers from the Member’s Deposit Fund by reason of lack of claimant, and all other money received by the system, the disposition of which is not specifically provided for in this chapter. MERS may accept gifts and bequests and the same shall be credited to the Income Fund. There shall be paid from the Income Fund all amounts required to credit regular interest to the Member’s Deposit Fund and Pension Reserve Fund. Whenever MERS determines the balance in the Income Fund is more than sufficient to cover the current charges to the fund MERS may, by resolution, provide for contingency reserves, or for the transfer of such excess or portions thereof to cover the needs of the other funds of the system, except the Expense Fund.
(B) At the end of each fiscal year, MERS shall allow and credit regular interest: on each member’s individual balance in the Member’s Deposit Fund at the beginning of such fiscal year; and on the main balance for the year in the Pension Reserve Fund. The interest so allowed and credited shall be charged to the Income Fund. If the balance in the Income Fund is insufficient to cover such interest charges, the insufficiency shall be transferred from the Pension Reserve Fund to the Income Fund.
(Prior Code, § 16.28) (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; Ord. O-169, passed 11-2-2015, effective 11-12-2015)