Common use of City Contribution Rate Clause in Contracts

City Contribution Rate. The rate shall be set to meet the City Funding Requirement, as defined by this Agreement, after consideration of all the City sources of funding, including transfers of funds from the City Budget Stabilization Account, provided however, that the City Contribution Rate shall be at least 7% of Payroll until the entry-age actuarial liabilities of the Plan are fully funded. The City's contribution will be deposited into the Fund's Pooled Cash Account on a reasonably timely basis consistent with actuarial requirements. In the event that favorable actuarial events in the future result in the entry age actuarial liabilities of the plan being fully funded and cause the City Contribution Rate before consideration of transfers of funds from the CBSA to fall to a level below 7% of Valuation Payroll, the parties agree to institute a sharing arrangement wherein any reductions in the City Contribution Rate below 7% shall be matched by an equal reduction in the Member Contribution Rate.