Section 18-23 Assets of funds.

T he assets of the funds shall consist of:

a. Funds transferred from the police and firemen’s retirement fund ;

b. Any and all funds given or donated to the funds from any source, including private gifts, bequests, devises or grants; provided, that all such funds are subject to the limitations set forth in section 401(a)(1) of the Internal Revenue Code;

c. The net earnings on all investments and the interest earned thereon;

d. The contributions of the respective covered employees; and

e. An amount appropriated in the annual city budget sufficient to raise the amount in the respective retirement fund to that level which, according to actuarial evaluation, is necessary to make the retirement fund financially sound.

(Code 1964, § 9.1700; Ord. No. 018160, § 1, 7-6-04)

(Ord. 018160, Amended, 07/06/2004, Prior Text)