§ 385 — Funding

§ 385 Funding.

It shall be the policy of the board to set rates which shall: (a) Cause the city to pay the unfunded city costs of the system as of January 1 1977, based upon an actuarial evaluation as of June 30, 1976, over a period ending on June 30, 2007; (b) Cause the city to amortize any increases or decreases in the estimated city costs of the system which occur after June 30, 1976, over periods of time ending on the latter of June 30, 2007, or ten (10) years after the dates such increases or decreases were incurred; (c) Cause the city to make such city contributions as may be required to amortize liabilities described in (a) or (b) preceding as a level percentage of total payroll; (d) Cause the city to begin to make the city contributions described in Subparagraph (a) beginning on January 1, 1983, and to make contributions beginning on January 1, 1977, such that the city contributions for the six (6) succeeding calendar years will be expected to increase each year uniformly as a percentage of total payroll from the amount actually contributed by the city in fiscal year 1976-77 to that estimated as required under Subparagraph (c) for the calendar year following January 1, 1983, and later; and, (e) Cause the city to comply with any applicable federal law relating to minimum funding of this system, notwithstanding any provision in this section to the contrary. (Adopted November 2, 1976)