§ 2.124.930 — Member contributions

2.124.930 Member contributions.

The normal rate of contribution of each member of this plan shall be determined as follows: A. Periodically, at the times of the actuarial investigations, the board shall determine the projected costs of providing any and all benefits established for persons who are members of the system under this plan. Costs shall be segregated between those attributable to the benefits established for safety members and those attributable to benefits established for miscellaneous members and further segregated for service on and after April 1, 1935. B. Upon recommendation of the consulting actuary, the board shall adopt a rate of contribution applicable to all members of this plan who are safety members and a rate of contribution applicable to all members of this plan who are miscellaneous members. Subject to the assumptions specified in Section 2.124.920 of this chapter, the contribution rate for each group shall be such that when applied to the respective factors outlined in subsection C of this section, there shall be generated an amount sufficient to fund one-half of the projected costs of benefits attributable to or based on service after April 1, 1935, for all members of the respective group. The rate so developed shall be called the group rate. C. The contribution rate of each individual member of this plan shall be determined by multiplying one group rate established in subsection B of this section, by the factor applicable to his or her nearest age at the effective date of his or her membership in the retirement system as set forth in the following tables: SAFETY MEMBERS Age at Entry | Factor 21 | .801 22 | .824 23 | .847 24 | .869 25 | .892 26 | .915 27 | .938 28 | .960 29 | .983 30 | 1.006 31 | 1.029 32 | 1.052 33 | 1.074 34 | 1.097 35 | 1.120 36 | 1.143 37 | 1.165 38 | 1.188 39 | 1.211 40 | 1.234 41 | 1.257 42 | 1.279 43 | 1.302 44 | 1.325 45 | 1.348 46 | 1.371 47 | 1.393 48 | 1.416 49 & over | 1.439 MISCELLANEOUS MEMBERS Age at Entry | Factor 20 & under | .800 21 | .812 22 | .825 23 | .837 24 | .849 25 | .861 26 | .874 27 | .886 28 | .898 29 | .910 30 | .923 31 | .935 32 | .947 33 | .959 34 | .971 35 | .984 36 | .996 37 | 1.008 38 | 1.020 39 | 1.033 40 | 1.045 41 | 1.057 42 | 1.069 43 | 1.082 44 | 1.094 45 | 1.106 46 | 1.118 47 | 1.130 48 | 1.143 49 | 1.155 50 | 1.167 51 | 1.179 52 | 1.192 53 | 1.204 54 & over | 1.216 Such factors may be revised from time to time by the board, but in no event shall the total amount of member contributions calculated to be produced by the use of such factors be greater or less than an amount necessary to provide one-half of the total projected costs as described in Section 2.124.920 of this chapter and subject to the assumptions specified therein. D. There shall be deducted from each payment of compensation made to a member of this plan a sum determined by applying the member's normal contribution rate to such compensation. The sum so deducted shall be paid forthwith to the retirement system. Such contribution shall be credited to the individual account of the member from whose compensation it was deducted and the total of such contributions, together with interest credited thereon, shall be applied to provide part of the retirement allowance or benefit payable to or on account of such member. E. Contributions based on membership in the retirement system and deducted prior to the effective date of their membership in this plan, from compensation of persons who elected to become members under the option provided by former (1976) Charter Section 303, and standing with interest thereon, to the credit of such members on the records of the retirement system on the date of their membership in this plan, shall continue to be credited thereon to the individual accounts of such members and shall be combined with and administered in the same manner as the contributions deducted after such date. (Prior code § 34.05.542)