95.868 Contributions by city. - Kentucky Statutes

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95.868 Contributions by city. The city shall make current contributions to the fund on an actuarially funded basis,
toward the annuities and benefits herein provided. These contributions shall be equal to
the sum of the following:
(1) An annual amount resulting from the application of a rate percent of salaries of active members, representing the present value of the actuarial reserve requirements
for membership service, for service retirement annuity, disability retirement
annuity, and annuities to widows and children, and the one (1) year term premium
for the city's liability for death benefits, after applying the contributions by the
active members. Such rate percent shall be fixed by the board every three (3) years
after an actuarial survey of the fund, and shall be in effect for a period of at least
three (3) years. For the first three (3) fiscal years of operation of the fund, the city's
rate of contribution shall be at least twelve percent (12%) of the salaries of the
active members participating in the fund. (2) An amount resulting from the application of a rate percent of the salaries of active members which will provide each year regular interest on the remaining liability for
prior service. Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 297, sec. 8, effective July 15, 1982. -- Created 1956 Ky. Acts ch. 16, sec. 18, effective July 1, 1956.