§ 114-204. Employer contributions.

A.

The city or other employer of each active member shall contribute to the system.

B.

Each year, the system's actuarial report shall include amount actuarially necessary, when aggregated with member contributions, to provide for the payment of benefits accrued hereunder. Such amount shall be determined in accordance with generally accepted actuarial principles, consistent with the actuarial standards of practice, as promulgated from time to time by the actuarial standards board, and the statements of the governmental accounting standards board as they relate to the disclosure, accounting and funding of pension plans, as the same may be amended, superseded or replaced from time to time.

C.

The trustees shall annually review the system's actuarial valuation and determine the amount of the annual contribution necessary and appropriate hereunder.

D.

Contributions hereunder shall ordinarily be expressed as a uniform percentage of each active member's contribution compensation.

(M.C.S., Ord. No. 26460, § 2, 6-18-15)