§ 375 — Actuarial assumption for "equal shares retirement plan"

§ 375 Actuarial assumption for "equal shares retirement plan".

The ordinance or ordinances enacted by the council under section 374, providing for the continuance of the "equal shares retirement plan" created by former (1976) Charter section 302, shall provide that the board shall direct the actuary in making the actuarial investigations and evaluations required by former (1976) Charter section 300 for purposes of determining members' contribution rates to assume in addition to all other actuarial assumptions: (a) That all persons who enter the employ of the city on or after the effective date of this article and who would have been eligible for membership in the "equal shares retirement plan" under former (1976) Charter section 302 and ordinances enacted thereunder before the effective date of this article, are members of the "equal shares retirement plan" if they would have remained in the employ of the city; and (b) That no person who was a member of the "equal shares retirement plan" on the effective date of this article made the election provided by former (1989) Charter section 401. (Amended June 6, 1989)