§ 70-168. Pension reserve fund; contributions by city.

(a)

The pension reserve fund is created. The pension reserve fund shall be the fund in which shall be accumulated reserves for the payment of all pensions and other benefits payable from the contributions made by the city and any instrumentalities of the city or otherwise and from which shall be paid all pensions and all benefits in lieu of pensions to retirants and beneficiaries of the retirement system. Payments from this fund shall be on a monthly basis. Contributions by the city and instrumentalities of the city or otherwise to the retirement system shall be an amount according to this section.

(b)

The city contributions to the retirement system each fiscal year which together with contributions made by members during the fiscal year shall be sufficient to (i) fully fund the actuarial cost of benefits likely to be paid on account of service rendered by members during the year, and (ii) finance the unfunded actuarial costs of benefits likely to be paid on account of service rendered by members prior to the current year. The contributions shall be computed by the actuary as level percents of member payroll in accordance with generally recognized actuarial principles and the provisions of part VII, F.S. ch. 112. The board of trustees shall annually certify to the city council the contributions determined according to this section, and the city council shall appropriate and pay to the retirement system the contributions so certified.

(c)

The floor or minimum annual city contribution to the retirement system shall be established at 22 percent of member payroll. Once every five years, the city may lower the floor or reduce its minimum contribution, or raise the floor and increase its minimum contribution, by no more than two percent of member payroll only if supported by an actuarial study, subject to approval by the city council, by ordinance, and the board of trustees. In no circumstances, shall the minimum annual city contribution be less than 16 percent of member payroll or more than 28 percent of member payroll. This paragraph is subject to the provisions of paragraph 70-168(b) above.

(d)

If the amounts appropriated in the budget in any year, as provided in this section, shall be insufficient to pay in full the amounts due in such year to all beneficiaries of the retirement system, the amount of such insufficiency shall thereupon be provided by the appropriating authorities of the city.

(Ord. No. 874, § 31, 6-28-1955; Code 1960, § 24-43; Ord. No. 1497, § 1, 8-28-1962; Ord. No. 1625, § 1, 9-24-1963; Ord. No. 1786, § 1, 7-13-1965; Ord. No. 1888, § 1, 7-12-1966; Ord. No. 2130, § 4, 6-25-1968; Ord. No. 2369, § 1, 9-22-1970; Ord. No. 2921, § 2, 10-22-1974; Ord. No. 83-27, § 1, 3-8-1983; Ord. No. 95-28, § 1, 4-11-1995; Ord. No. 2009-54, § 1, 8-25-2009)