KRS 95.868: Contributions by city.

The city shall make current contributions to the fund on an actuarially funded basis,

toward the annuities and benefits herein provided. These contributions shall be equal to

the sum of the following:

(1) An annual amount resulting from the application of a rate percent of salaries of

active members, representing the present value of the actuarial reserve requirements

for membership service, for service retirement annuity, disability retirement

annuity, and annuities to widows and children, and the one (1) year term premium

for the city's liability for death benefits, after applying the contributions by the

active members. Such rate percent shall be fixed by the board at least once every

three (3) to five (5) years after completion of the actuarial valuation of the fund as

required by KRS 65.156, and shall be in effect until the next actuarial valuation is

completed by the fund. For the first three (3) fiscal years of operation of the fund,

the city's rate of contribution shall be at least twelve percent (12%) of the salaries of

the active members participating in the fund.

(2) An amount resulting from the application of a rate percent of the salaries of active

members which will provide each year regular interest on the remaining liability for

prior service.