§ 23-275. Pension accumulation fund.

(a)

The pension accumulation fund shall be the fund in which shall be accumulated all reserves for the payment of all pensions and other benefits payable from contributions made by employers. Contributions to and payments from the pension accumulation fund shall be made as follows;

(b)

On the basis of regular interest and of such mortality and other tables as shall be adopted by the board of trustees, the actuary engaged by the board to make each valuation required by this division during the period over which the accrued liability contribution is payable, immediately after making such valuation, shall determine the uniform and constant percentage of the earnable compensation of the average new entrant, which if contributed on the basis of compensation of such new entrant throughout the entire period of active service would be sufficient to provide for the payment of any pension payable on his account. The rate per centum so determined shall be known as the "normal contribution" rate. After the accrued liability contribution has ceased to be payable, the normal contribution rate shall be the rate per centum of the earnable salary of all members obtained by deducting from the total liabilities of the pension accumulation fund the amount of the funds in hand to the credit of that fund and dividing the remainder by one (1) per centum of the present value of the prospective future salaries of all members as computed on the basis of the mortality and service tables adopted by the board of trustees and regular interest. The normal rate of contribution shall be determined by the actuary after each valuation.

(c)

Immediately succeeding the first valuation the actuary engaged by the board of trustees shall compute the rate per centum of the total annual compensation of all members which is necessary to liquidate the amount of the total pension liability on account of all members and beneficiaries which is not dischargeable by the aforesaid normal contribution made on account of such members during the remainder of their active service. The rate per centum originally so determined shall be known as the "accrued liability contribution" rate.

(d)

The rate payable to the pension accumulation fund shall be the same as the rate contributed by members as set forth in section 23-273(b) of this division. Beginning in 1975 the employer's contribution rate shall be five and eighty-five hundredths (5.85) per centum of total salary and annually thereafter shall be the same rate as that fixed for employees' contribution as provided in section 23-273(b) hereof. The employer's contribution shall be forwarded to the board of trustees twice monthly, no later than ten (10) days following each pay period.

(e)

During the period between January 1, 1973 and January 1, 1975, pending completion of the cancellation of the Social Security agreement; the Jefferson Parish Council shall appropriate and pay to the retirement fund an amount sufficient to meet the monthly retirement payroll under this supplementary plan and shall also pay such other expenses of the plan as may be necessary for its administration. Upon completion of the cancellation of the Social Security agreement and the receipt of employee and employer contributions by the fund beginning January 1, 1975, the council shall cease such appropriation and the payments shall be made from the funds of the retirement plan.

(f)

Upon the retirement of a member an amount equal to his annuity reserve shall be transferred from the pension accumulation fund to the annuity reserve fund.

(g)

The board of trustees may transfer annually from the pension accumulation fund to the expense fund an amount sufficient to cover the expenses of the system.

(Ord. No. 11027, § 8(3), 1-18-73)