§ 13-227 — Contributions of members and their use; annuity reserve fund and dependent benefit reserve funds

§ 13-227 Contributions of members and their use; annuity reserve fund and dependent benefit reserve funds.

a. The annuity reserve fund shall be the fund from which shall be paid all annuities and all benefits in lieu of annuities, payable as provided in this subchapter. b. The dependent benefit reserve fund shall be the fund from which shall be paid all dependent benefits payable as provided in section 13-253 of this subchapter. c. The dependent benefit contingent reserve fund shall be the fund in which shall be accumulated the contributions of members to create the reserve necessary to pay all benefits provided in section 13-253 of this subchapter. d. Upon the basis of the mortality and other tables herein authorized, and regular interest, the actuary shall compute the amount of contribution, expressed as a proportion of the compensation paid to each such member, which, if paid, semi-monthly during the entire prospective city-service of the member, would be sufficient to provide for the reserve required at the time of his or her death to cover the dependent benefits which might be payable pursuant to the provisions of section 13-253 of this subchapter. Such proportion of compensation shall be computed to remain constant during his or her prospective city-service. Upon the death of such a member, an amount equal to the reserve for such dependent benefits shall be transferred from such fund to the dependent benefit reserve fund.