§ 106.108. Future Pension Benefits and Pension Funding.

(a)

The City shall provide annual funding for the City's Pension Plans from the current years revenues and eliminate funding from the excess funds in the Past Excess Contribution account in the Pension Fund. Regardless of the performance of the City's pension funds, the City shall not use excess funds or past excess contributions to defray or redirect any normal cost or amortization of unfunded actuarial accrued liability pension contributions or for any other purpose.

(b)

Annual funding for the City's Pension Plans shall be based upon annual actuarial reports

(c)

Pension benefits enhancements for any of the City's Pension Plans may only be approved if the affected plan is at least 90 percent actuarially funded at the time of approval of the Pension Benefit enhancement. A prerequisite for filing legislation to affect the pension benefits shall be verification that the affected pension plan is funded at 90 percent.

(d)

Exceptions to any requirement of this section shall be initiated by the Mayor and shall require approval by two-thirds vote of all City Council members, after a public hearing required by law.

(Ord. 2005-807-E, § 10.11.A; Ord. 2008-1091-E, § 1)