§ 54-105. Stabilization fund.

Latest version.

After the retirement system achieves a funded ratio of 100 percent or greater as reflected in the current disclosure information prepared in accordance with governmental accounting standards board requirements, the city will make a contribution of the higher of either the normal cost of the plan or a minimum 13 percent towards a stabilization fund for use during economic downturns to smooth the volatility of required pension payments. This contribution shall be paid to the retirement fund and shall not be used by the city or the members to acquire or fund new or additional benefits.

(Ord. No. 2012-36, § 7, 12-20-2012; Ord. No. 2016-5 , § 4, 5-3-2016)

                    
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