§ 62-184. System reports, records and cost; board adoption of experience tables and regular interest.

(a)

The secretary shall keep or cause to be kept such data as shall be necessary for an actuarial valuation of the assets and liability of the retirement system. The board shall annually render a report to the city commission showing the fiscal transactions of the system for the year ended the preceding September 30 and the system's last balance sheet showing its financial condition by means of an actuarial valuation of its assets and liabilities.

(b)

The board shall from time to time adopt such mortality and other tables of experience and a rate or rates of regular interest as are necessary in the operation of the retirement system on an actuarial basis.

(c)

That portion of the cost of the system to be borne by the city, city officers, and employees, including the provisions for benefits thereunder and the expenses of administration thereof, shall be determined actuarially on the basis of recognized mortality and service tables and shall be calculated and contributed as a uniform or decreasing percentage of the payroll of members. No system based on an increasing percentage of the payroll, whether to be paid as the contribution of either the members or the city, shall be established, but added benefits and additional contributions therefor may at any time be provided as regards any system by amendatory ordinance.

(Code 1979, § 2-314.1.9)