§ 1509.81. COST OF LIVING BENEFITS; FUNDING OF.

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For the purpose of paying increased benefits according to Section 1509.8 hereof, the City and members shall, for the 10 consecutive years ending June 30, 1987, each contribute to the Retirement Fund an amount equal to 2.5% of the member's compensation and thereafter, the City and members shall each contribute to said Retirement Fund either an amount equal to 2.5% of the member's compensation or an amount equal to that percentage of the member's compensation as determined by and based upon an actuarial reserve basis pursuant to the then current actuarial studies at the discretion of the City Council for such period of time as the said City Council shall determine. The required contributions of members shall be required as a deduction from the compensation of each member.

(Sec. 1509.81 amended by vote of the people 3-9-1993; Sec. 1509.81 amended by vote of the people 4-19-1977, effective July 1, 1977.)

                    
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