Payment of City appropriations into funds.
Oklahoma City Municipal Code § 40-62
in effect§ 40-62. - Payment of City appropriations into funds.
(a) Effective March 2, 2001, the City shall appropriate a sum equal to seven percent of the Compensation of the Employees participating in the System named in Section 40-51. Effective September 1, 2001, the City shall appropriate a sum equal to seven percent of Compensation of the Employees participating in the Money Purchase Plan and Trust - Open Plan named in Section 40-51. Any appropriations so made shall be deferred wages but may not exceed statutory limits imposed by Oklahoma Statutes or United States Statutes.
(b) Effective January 1, 2006, the City shall appropriate a sum annually and pay it into the retirement plan named in Section 40-51(32) of this Code. The sum shall be equal to the contribution determined under the individual entry age normal cost method, as determined by the System's annual actuarial evaluation. Any funding surplus will be amortized and applied as a credit to the employer's normal cost contribution; and any funding deficit will be amortized and added to the employer's normal cost contribution, as determined by the System's annual actuarial evaluation. The employer portion of the contribution shall not exceed ten percent of the annual Compensation of the Employees participating in the System. Any appropriations so made shall be deferred wages but may not exceed statutory limits imposed by Oklahoma Statutes or United States Statutes.
(c) Effective March 2, 2001, the City shall appropriate a sum equal to eight and thirty-five one-hundredths percent of Compensation of the Employees participating in the Money Purchase Plan and Trust - Closed Plan named in Section 40-51.
(d) Notwithstanding the foregoing provisions of this section, the City's promises to appropriate and/or pay funds for retirement purposes hereunder shall be subject to Council's budgetary discretion pursuant to the Municipal Budget Act, 11 O.S. §§ 17-201, et seq., or any successor statutory act, and specifically subject to Council's budgetary discretion pursuant to 11 O.S., § 17-209(A), or any successor statutory provision. The provisions of this section shall never be construed as creating a binding obligation on the City to appropriate or pay City funds in violation of Okla. Const. Art. X, § 26.
(Ord. No. 21916, § 2, 2-12-02; Ord. No. 23463, § 2, 10-9-07; Ord. No. 25482, § 3, 10-25-16; Ord. No. 27732, § 2, 11-19-24)
Source: City of Oklahoma City, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ok/oklahoma_city/codes/code_of_ordinances?nodeId=OKMUCO2020_CH40PERESY_ARTIIIPERE_DIV1EMREPR_PTBGEPR_S40-62PAAPINFUFetched: 10/28/2026