Costs to be borne by city.
San José Municipal Code § 3.28.2470
in effect3.28.2470 - Costs to be borne by city.
A. For other than Tier 2 members, the City shall contribute to the retirement fund such amounts as are actuarially determined to be necessary to provide funding for all additional costs incurred by this Retirement System because of the payment of benefits provided by this Part 21 to any members which would not have been provided absent the adoption of this Part. For a Tier 2 member, such costs shall be shared equally between the City and Tier 2 members.
B. The contributions required of the City and Tier 2 members (as applicable), if any, shall be determined beginning with the actuarial valuation performed as of July 1, 1997, or, if no valuation is performed as of that date, the first valuation performed thereafter, except that an earlier actuarial valuation date may be used if the Retirement Board determines that earlier contributions are required to maintain the actuarial soundness of this Retirement System.
C. Except as provided in Section 3.28.860.C, in determining the contributions required under this Section 3.28.2470, There shall be no offset to normal cost contribution rates in the event Plan funding exceeds one hundred percent (100%). Both the City and employees shall always make the full annual required Plan contributions as calculated by the Retirement Board actuaries which will be in compliance with applicable laws and will ensure the qualified status under the Internal Revenue Code.
(Ords. 24682, 29120, 29904.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.281975FEEMREPL_PT21RE_3.28.2470COBEBOCIFetched: 11/1/2026