§ 4-28-7 — City contributions

Sec. 4-28-7. - City contributions.

A. Effective July 1, 2010, at the end of each month, the comptroller shall determine the aggregate amount of the compensation of all participants on which the employee contributions for such month are calculated. The city shall pay into the trust fund as its contribution the sum of subsections A.1 and 2 of this section, where: 1. Is a certain percentage of the aggregate amount of compensation each month to be known as the "current service contribution," to provide the city's part of the disability retirement allowances, the death benefits, and those portions of the retirement benefits to be granted on account of current service; and 2. Is a certain percentage of the aggregate amount of compensation each month to be known as the "accrued liability contribution." The percentages under subsections A.1 and 2 of this section shall be no less than 6.0 percent of the compensation of all participants of the 1978 plan, as set forth in this section. B. The payments of the city into the trust fund under this section are made obligations of the city. The council shall appropriate annually such amounts as are necessary to make such payments. C. All such contributions made to the trust fund shall be used to fund benefits under the 1978 plan or to pay expenses of the 1978 plan and shall be irrevocable, except as otherwise provided in section 4-28-9.

(Code 1985, § 25-171; Ord. No. 3907, § 1, 12-5-1989; Ord. No. 4047, § 3, 6-25-1991; Ord. No. 4265, § 2, 7-19-1994; Ord. No. 4673, § 6, 6-1-1999; Ord. No. 5358, § 2, 6-8-2010)