Common use of 221 – Employer Contributions Clause in Contracts

221 – Employer Contributions. (1) The financial objective of the System shall be to receive contributions each fiscal year which are sufficient to fund the actuarial cost of benefits likely to be paid on account of service earned by members during the fiscal year (the current service contribution) and amortize the unfunded actuarial cost of benefits likely to be paid on account of service earned by members prior to the fiscal year (if any) over a period of years as established by the City.