A. The fund shall be established and maintained on a contributory basis. The contributions of the member together with the contributions of the City shall be paid into the fund. The contributions of the members will be made by deductions from each payroll; the contributions of the City shall be made annually.

B. Each member’s contributions shall be one-fourth of the cost of the service retirement benefits provided for the member and dependent or dependents at the earliest possible retirement age, such cost to be determined by actuarial valuation; provided, however, that for the purpose of fixing the cost of the dependency benefit, each member shall be deemed to be married and their spouse to be the same age as the member. The City’s contribution shall be such amounts as may be necessary, when added to the member’s contributions, to provide the benefits payable under this chapter.

C. Members’ contributions will vary depending upon the age of the individual member at the time of their entry into the system.

D. Actuarial valuations of the cost of the benefits hereunder shall periodically be made; such valuations shall be made whenever ordered by the board but in any event at least once every five years. After each actuarial valuation the board shall redetermine and reestablish the rates of contribution for the members and the City based upon such actuarial valuation which has been approved and adopted by the board. (Ord. 3558-NS § 28, 1957)