§ 2-1202. Payment of ARC.

Latest version.

(a)

Notification by board. The board of trustees shall, before October 1 of each year, certify to the city manager the amount of the ARC, as defined in this section, to be paid by the city under the pension system for the succeeding fiscal year as required by this division.

(b)

Payment of the ARC. The city shall annually budget and pay the actuarially required contribution (ARC) to the pension fund. The ARC is defined as the actuarially required contribution, as determined by the Fund's independent actuary, calculated on the basis of a 30-year open amortization assuming a 7.5 percent investment return. The dollar amount used when calculating the ARC shall include all unfunded liability.

( Ord. No. 140035, § 1, 2-20-14 )

                    
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