The Pension Reserve Fund is hereby established. It shall be the fund in which shall be accumulated the contributions made by the City to the Employees Retirement System. Upon the basis of 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 pensions being paid retirants and beneficiaries, and for service rendered and to be rendered by members. The portions of the pension reserves not financed by member contributions shall be financed by annual appropriations to be made by Council in accordance with the following:
(a) The appropriation for members current service shall be a percent or percents of their annual compensations which will produce an amount which, when paid annually by the City during their future service, will be sufficient, at the time of their retirements, to provide the reserves, not financed by member contributions, for the portions of the pensions to be paid them based upon their future service.
(b) The appropriations for members accrued service shall be a percent or percents of their annual compensations which will produce an amount which, when paid annually by the City over a period of years, not to exceed fifty years, will amortize, at regular interest, the unfunded pension reserves for the accrued portions of the pensions to which they might become entitled.
(c) The appropriation for pensions being paid retirants and beneficiaries shall be a percent or percents of the annual compensations of members which will produce an amount which, when paid annually by the City over a period of years, not to exceed twenty-five years, will amortize, at regular interest, the unfunded pension reserves for pensions being paid retirants and beneficiaries.
Upon the retirement of a member, the difference between the pension reserve for the pension payable and his or her accumulated contributions shall be transferred from the Pension Reserve Fund to the Retirement Reserve Fund.
(1974 Code § 1.230)