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95.868 Contributions by city.

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95.868 Contributions by city. The city shall make current contributions to the fund on an actuarially funded basis, <br>toward the annuities and benefits herein provided. These contributions shall be equal to <br>the sum of the following: <br>(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 <br>for membership service, for service retirement annuity, disability retirement <br>annuity, and annuities to widows and children, and the one (1) year term premium <br>for the city's liability for death benefits, after applying the contributions by the <br>active members. Such rate percent shall be fixed by the board every three (3) years <br>after an actuarial survey of the fund, and shall be in effect for a period of at least <br>three (3) years. For the first three (3) fiscal years of operation of the fund, the city's <br>rate of contribution shall be at least twelve percent (12%) of the salaries of the <br>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 <br>prior service. Effective: July 15, 1982 <br>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.