Section 13-329. Contributions of members and their use; dependent benefit reserve funds  


Latest version.
  • a. The dependent benefit reserve fund shall be  the  fund  from  which  shall be paid all dependent benefits payable as provided in
      section 13-355 of this subchapter.
        b. The dependent benefit contingent reserve fund shall be the fund  in
      which  shall  be  accumulated the contributions of members to create the
      reserve necessary to pay all benefits provided in section 13-355 of this
      subchapter.
        c. Upon the basis of the mortality and other tables herein authorized,
      and  regular  interest,  the  actuary  shall  compute  the   amount   of
      contributions,  expressed  as  a  proportion of the compensation paid to
      each  such  member,  which,  if  paid  semi-monthly  during  the  entire
      prospective  city-service  of the member, would be sufficient to provide
      for the reserve required at the time of his or her death  to  cover  the
      dependent  benefits which might be payable pursuant to the provisions of
      section 13-355 of this subchapter. Such proportion of compensation shall
      be  computed  to  remain  constant  during  his   or   her   prospective
      city-service.  Upon  the  death of such a member, an amount equal to the
      reserve for such  dependent  benefits  shall  be  transferred  from  the
      dependent  benefit  contingent  reserve  fund  to  the dependent benefit
      reserve fund.