(A) Annuity Savings Fund.
(1) The Annuity Savings Fund shall be the fund in which shall be accumulated, at regular interest, the contributions deducted from the compensation of members, and from which shall be made refunds and transfers of accumulated contributions, as provided in this subchapter.
(2) The contributions of a member shall be the applicable percents of his or her compensation set forth below:
(a) For a patrol command police officer or firefighter member, or a police patrol member hired prior to 10-1-1982, no contributions are required, effective 3-21-1983 for command officer police officer members, 3-18-1984 for patrol officer police officer members and 3-21-1983 for firefighter members. For police officer members hired after 10-1-1982, the required contribution of the police officer member will be 5% of all compensation included in the final average compensation;
(b) If he or she is a hospital member, no contributions are required, effective 5-11-1981;
(c) If he is an exempt salaried municipal service member or a non-exempt salaried municipal service member, as determined by the Municipal Service Commission, no contributions are required effective 6-1-1983. If he or she is an hourly municipal service member, as determined by the Municipal Service Commission, no contributions are required effective 9-30-1994; and
(d) If he or she is a general member, no contributions are required, effective 11-15-1982 for non-union general members and 2-21-1983 for union general members.
(3) The officer or officers responsible for making the payroll shall cause the applicable contributions provided in division (A)(2) above to be deducted from the compensation of each member on each and every payroll, for each and every payroll period, so long as he or she remains a member in the employ of the city. The contributions of a member when deducted from his or her compensation shall be paid to the retirement system and shall be credited to his or her individual account in the Annuity Savings Fund. The member’s contributions provided for herein shall be made notwithstanding that the minimum compensation provided by law for any member shall be thereby changed. Every member shall be deemed to consent and agree to the deductions made and provided for herein. Payment of his or her compensation less said deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for services rendered by the member during the period covered by such payment, except as to benefits provided under this subchapter.
(4) In addition to the contributions deducted from the compensations of members as hereinbefore provided, a member shall deposit in the Annuity Savings Fund, by a single contribution or by an increased rate of contribution as approved by the Commission, all amounts he or she withdrew from the Annuity Savings Fund, together with regular interest from the date of withdrawal to the date of repayment. In no case shall any member be given credit for service rendered prior to the date he or she withdrew his or her accumulated contributions until he or she returns to the Annuity Savings Fund all amounts due the fund by him or her; provided, however, this division (A)(4) shall not apply to amounts withdrawn from the Annuity Savings Fund in accordance with the provisions of division (B) below.
(5) Upon the retirement of a member, his or her accumulated contributions standing to his or her credit in the Annuity Savings Fund shall be transferred to the Retirement Reserve Fund. At the expiration of a period of three years from the date an employee ceases to be a member, any balance standing to his or her credit in the Annuity Savings Fund, unclaimed by the member or his or her legal representative, shall remain a part of the assets of the retirement system and shall be transferred to the Pension Reserve Fund.
(Prior Code, § 2-233)
(B) Pension Reserve Fund.
(1) The Pension Reserve Fund shall be the account to which shall be credited contributions made by the city (general city, municipal services and Wyandotte General Hospital) to the retirement system and from which shall be made transfers as provided in this section.
(2) Each year following receipt of the report of the annual actuarial valuation, the excess, if any, of the reported value of retirement allowances being paid and likely to be paid retirants and beneficiaries over the balance in the Retirement Reserve Fund shall be transferred from the Pension Reserve Fund to the Retirement Reserve Fund.
(3) The financial objective of this subchapter is to require city contributions to the retirement system each fiscal year shall be sufficient to fully fund the cost of benefits likely to be paid on account of service rendered by members during the year and finance unfunded costs of benefits likely to be paid on account of service rendered by members prior to the current year over a period of not more than 40 years. Such contributions shall be computed by the actuary as legal percents of member payroll in accordance with generally accepted actuarial principles. The Commission shall annually certify to the City Council the contributions determined according to this section, and the City Council shall appropriate and pay to the retirement system the contributions so certified.
(Prior Code, § 2-234)
(C) Retirement Reserve Fund. The Retirement Reserve Fund shall be the fund from which shall be paid all annuities, pensions and retirement allowances payable as provided in this article. Should a disability retirant return to the employ of the city, his or her annuity reserve computed as of the date of his or her return shall be transferred from the Retirement Reserve Fund to the Annuity Savings Fund, and his or her pension reserve computed as of the date of his or her return shall be transferred from the Retirement Reserve Fund to the Pension Reserve Fund.
(Prior Code, § 2-235)
(D) Income Fund.
(1) The Income Fund shall be the fund to which shall be credited all interest, dividends and other income from investments of the retirement system, all gifts and bequests received by the system and all other moneys received by the system the disposition of which is not specifically provided in this subchapter. There shall be paid or transferred from the Income Fund all amounts required to credit regular interest to the Annuity Savings Fund, Pension Reserve Fund and Retirement Reserve Fund, as provided in this subchapter, and effective 6-1-1986, there also shall be paid or transferred from the Income Fund all amounts, fees and/or charges required to pay for the investment services and/or investment costs to said city’s employees retirement system. At the end of each fiscal year, if the balance in the Income Fund is more than sufficient to cover current charges, the remainder, if any, shall be proportioned to the Pension Reserve Fund of the various divisions in proportion to their mean balances in the system during the year.
(2) Whenever the balance in the Income Fund is insufficient to meet the charges to the fund, the amount of such insufficiency shall be transferred from the Pension Reserve Fund to the Income Fund.
(Prior Code, § 2-236)
(E) Expense Fund. The Expense Fund shall be the fund to which shall be credited all moneys provided by the city, or instrumentalities of the city, to pay the administrative expenses of the system, and from which such expenses shall be paid.
(Prior Code, § 2-237)
(F) Special Retirement Reserve Fund. The special Retirement Reserve Fund shall be the fund to which shall be credited all moneys the Commission may annually allocate up to 1.25% of the mean balance of the Retirement Reserve Fund for the improvement of retirement allowances payable to retirants by the retirement system. Any and all allocations that may be annually made by the Commission to the special Retirement Reserve Fund shall be made from the Income Fund.
(Prior Code, § 2-238) (Ord. 368, passed 9-25-1967; Ord. 375, passed 1-8-1968; Ord. 456, passed 1-24-1972; Ord. 490-A, passed 12-4-1972; Ord. 506, passed 8-3-1973; Ord. 541, passed 12-9-1974; Ord. 586, passed 5-9-1977; Ord. 593, passed 10-3-1977; Ord. 670, passed 11-17-1980; Ord. 683, passed 3-2-1981; Ord. 696, passed 5-11-1981; Ord. 703, passed 7-6-1981; Ord. 706, passed 8-3-1981; Ord. 725, passed 4-5-1982; Ord. 771, passed 9-24-1984; Ord. 786, passed 9-23-1985; Ord. 804, passed 11-17-1986; Ord. 1060, passed 3-1-1999; Ord. 1077, passed 9-13-1999)