§ 62-209. Employer's contribution reserve.

(a)

The employer's contribution reserve shall be the fund to which shall be credited contributions made by the city to the retirement system and from which shall be made transfers as provided in this section. Upon the basis of such mortality and other experience tables, and regular interest, as the board shall from time to time adopt, the actuary shall annually compute the annuity and pension reserves for retirement allowances being paid retirants and beneficiaries, and covering service rendered and to be rendered by members. The annual contributions to be made by the city shall be determined according to subsections (a)(1)—(3) of this section. The board shall annually certify to the city commission the amounts of contributions so determined and the city commission shall appropriate and the city shall pay such amounts to the retirement system.

(1)

The city's annual appropriation for members' current service shall be a percentage of their annual compensations which will produce an amount which is paid annually by the city during their future service which will be sufficient to accumulate the pension reserves, at the time of their retirements, for the portions of the pensions to be paid them based upon their future service.

(2)

The city's annual appropriation for members' accrued service shall be a percentage of their annual compensations which will produce an amount which is paid annually by the city over a period of years which will amortize at regular interest the unfunded pension reserves, if any, for the accrued service portions of the pensions to be paid them.

(3)

The city's annual appropriation for retirement allowances being paid retirants and beneficiaries shall be a percentage of the annual compensations of members which will produce an amount which is paid annually by the city over a period of years which will amortize at regular interest the unfunded annuity and pension reserves, if any, for retirement allowances being paid retirants and beneficiaries.

(b)

The city's contributions on account of employees in any revenue-supported department, board or commission of the city shall be an obligation of the revenue-supported department, board or commission and shall be paid from their revenues.

(c)

The pension reserves for pensions payable upon a member's retirement or death shall be transferred from the employer's contribution reserve to the retirant's benefits reserve. If at the end of any fiscal year the balance in the retirant's benefits reserve is less than its actuarial liabilities, the amount of the deficiency shall be transferred from the employer's contribution reserve to the retirant's benefit reserve.

(Code 1979, § 2-314.1.34)