1976_Ordinances - Laserfiche WebLink

Home Browse Search

3. Retirement allowance means the retirement payments to which a member is entitled, • as provided in this article. • • Service means service as an employee for which compensation is paid. Widow; widower; gender. The words "employee", "member" and "beneficiary" include masculine and feminine employees, members and beneficiaries. The word "widow" shall include "widower", and such terms shall mean a spouse to whom an employee was lawfully married as of the date of death. SECTION 2- 219.1. Contributions. (a) No contributions shall be made or required to be made by members of the plan. (b) Beginning July 1, 1976, the city council shall appropriate, and the city shall contribute annually to the retirement fund established pursuant to section 2.195.1 of this code, an amount equal to the sum of the "normal contribution ", the "accrued liability contribution", if any, and the "supplementary contribution", if any. (c) The normal contribution for any year shall be determined as a percentage, equal to the normal contribution rate, of the total creditable compensation of the members for such year. Similarly, the accrued liability contribution rate for any year shall be deter- mined as a percentage, equal to the accrued liability contribution rate, of such total creditable compensation. Also, the supplementary contribution for any year shall be determined as a percentage, equal to the supplementary contribution rate, of such total creditable compensation. In determining the amount of any contribution, a reasonable approximation to the exactly computed amount may be used. (d) The normal contribution rate shall be determined as the percentage of the total annual creditable compensation of the members that is represented by the sum of the annual entry age normal costs required to provide the service retirement benefits of the plan plus the cost of benefits other than service retirement allowances expected to be incurred in the ensuing year, all computed in accordance with recognized actuarial principles on the basis of methods and assumptions approved by the commission. The normal contribution rate shall be determined from the results of each valuation which shall be made as directed by the commission not less frequently than biennially. (e) The accrued liability contribution rate shall be determined as the percentage of the total annual creditable compensation of the members that is represented by the level annual contribution necessary to amortize any remaining unfunded accrued liability over a period of forty years. The unfunded accrued liability as of any valuation date shall be determined, in accordance with recognized actuarial principles on the basis of methods and assumptions approved by the commission as the excess, if any, of (1) the then