Total contributions in each year to a retirement system subject to §§ 39.220 through 39.268 shall be sufficient to fund the following:
   (a)   The administrative cost of the plan during the year;
   (b)   The actuarially determined cost of future benefits accruing to members during the year; and
   (c)   An amount sufficient to amortize any unfunded liability of the retirement system over a period not to exceed 40 years on the basis of reasonable and generally accepted actuarial assumptions.
(1957 Rev. Ords., § 2.535; 1992 Code, § 35-47)  (Ord. 2491, passed 8-7-1967; Ord. 119-84, passed 8-27-1984; Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)