§ 1509.92. CITY CONTRIBUTIONS.

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City contributions for service retirement benefits, including those for members retiring for disability at age 50 and over, shall be determined on the basis of a normal contribution rate which shall be computed as a level percentage of compensation which, when applied to the future compensation of the average new member entering the system, together with the required member contributions, will be sufficient to provide for the payment of all prospective benefits of such member. The portion of liability not provided by the normal contributions shall be amortized over a 30-year period ending June 30, 2007. This method is commonly referred to as the Entry Age Normal Cost Funding Method.

City contributions for death and disability, excluding retirement for disability age 50 and over, shall be equal to the amounts actually disbursed for such deaths or disabilities during the year not provided by member contributions.

(Sec. 1509.92 amended by vote of the people 4-19-1977, effective July 1, 1977.)

                    
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