Accounts and Reserves. The Retirement Board shall maintain proper accounts and actuarial reserves for all benefits provided by this plan. These actuarial reserves shall include the following items: (1) A reserve to cover future payments on retirement annuities granted due to age and service; (2) A reserve to cover future payments on annuities granted due to disability; (3) A reserve to cover future payments of benefits granted to survivors; and (4) The balance representing the remainder of the accumulated contributions made by the members and by the City, to be held as a reserve for benefits accruing in future years in accordance with the provisions of this plan.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Working Agreement, Collective Bargaining Agreement
