Section 18-23 Assets of funds.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-23 read as follows.
The administrator, in accounting for and investing the assets of the
various funds, shall
consider their assets to be as follows:
(1) As of December 7, 1981,
the administrator shall divide the assets of prior funds in the
manner as recommended by the police and firemens' retirement board and affirmed by the
council in its passage of these provisions. Such division shall be made upon the basis of accrued
and anticipated liabilities, setting aside to each fund those assets necessary to meet the liabilities
of the employees covered by the respective fund. The new funds shall be known as the police
retirement fund and the firefighters' retirement fund with police and firefighters' assets and
liabilities being assigned to the appropriate funds.
(2) In the event that insufficient
funds shall be on hand at the date of division to satisfy
accrued and potential liabilities, the prior fund shall be divided on the basis of a ratio of the
accrued and potential liabilities of the funds to be created. In the event that funds in excess of
accrued and potential liabilities exist, they shall be allocated on the same ratio.
(3) Prior to such division,
any gifts, bequests or other grants given specifically to the benefit
of police or firefighters shall be set aside for such use and not included in the amount to be
(4) In the course of division
of the prior fund, potential liabilities relating to an employee
with covered employment in both the police and fire departments of the city shall be allocated to
each fund in the same ratio as his years of covered employment under each plan relate.
(5) After December 7, 1981,
t The assets of the funds shall consist of:
The originally segregated assets Funds
transferred from the police and firemens
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
section 401(a)(1) of the Internal Revenue Code;
c. The net earnings on all investments and the interest
contributions of the respective covered employees; and
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)