AI-assisted research summary: The city and employer must make pension/fund contributions, with amounts set by the actuary and several minimum rates that rise over time.
(a) The city shall pick up employer payment of required participants’ contributions in lieu of salary or wages through a program and plan amendments relating to the city’s employees meeting the requirements of the United States Internal Revenue Code, as amended. (b)(1) Beginning July 1, 1995, the contribution of the employer, excluding the board of health and employees of the board of health, shall be determined by the actuary of the board at the level necessary to fully fund the system. The actuary shall be required to make the determination for each actuarial year. (2) Beginning on July 1, 2017, the employer’s total minimum rate of contribution into the fund, excluding the board of health, shall increase to 7.25 percent. (3) Beginning on July 1, 2018, the employer’s total minimum rate of contribution into the fund, excluding the board of health, shall increase to 8.50 percent. (4) Beginning on July 1, 2020, the employer’s total minimum rate of contribution into the fund, excluding the board of health, shall increase to nine percent. (5) Notwithstanding anything to the contrary contained in this subpart, beginning July 1, 2021, the employer, including all participating constructive subsidiaries, except the board of health, shall make a contribution into the fund in an amount to be determined by the actuary of the board each fiscal year at the level necessary to do both of the following: a. Fully fund the system based on his or her determination of the annual cost each fiscal year of the current pension benefits provided by the system. b. Amortize the unfunded accrued liability of the system over a closed period not to exceed 30 years, with the period commencing on July 1, 2021. (6) Notwithstanding anything to the contrary in this subsection, the employer may increase its total rate of contribution above the minimum amounts previously listed in this subsection. (c) At the same time the deductions attributable to participants’ contributions are paid into the fund, the city shall pay into the fund the amount of contributions the city is required to pay pursuant to this section.