(A) The city acknowledges that it has been a participating municipality in the Municipal Employees Retirement System of Michigan (MERS) since 1946 for all of its employees except for public safety employees who are covered by a separate City of Saginaw Police Officer and Fire Fighter Retirement System established by Chapter XVI of the Charter of the City of Saginaw, as amended; and Chapter 16 of the Saginaw Administrative Code; and the city hereby acknowledges and confirms its continued participation in MERS and the City of Saginaw Retirement System for all of its employees, exclusive of public safety employees.
(B) As a participating municipality in MERS, the city shall be solely responsible for and shall make all contributions determined from time to time by the MERS and MERS’ actuaries to comprise the employer contribution component of all contributions that are required to fund future pension benefits payable to all participants in the city’s defined benefit plan under MERS.
(C) The city shall hold all MERS divisional market assets on an equal funded basis so that as an aggregate there will be one funding level as a percentage of its actuarial liabilities as of December 31, 2001 and each December 31 thereafter.
(Prior Code, § 17.01) (Ord. D-1919, passed 5-20-2002, effective 5-30-2002)