Contributions of the Employer. The Retirement Board shall, at least once every three years, be required to have an actuarial valuation by an actuary of the assets and liabilities of the Retirement Plan and of the required contributions from the Employer which, in addition to contributions of the Participants, will be adequate to finance the benefits under the Retirement Plan. On the basis of each such valuation, the Employer shall pay each year to the Retirement Board an amount which will meet the actuarial cost of current service and, until it is amortized, the unfunded accrued liability. The annual appropriation by the Employer for each of the forty (40) Plan years beginning January 1, 1976, shall be the sum of the normal cost for the year and the annual payment that would be required on a level basis to amortize the unfunded accrued liability over forty (40) years from January 1, 1976. The appropriation for each Plan year thereafter shall be the normal cost for the year. Any proposal which will change the benefits payable or Participant Contributions required under the Retirement Plan shall be accompanied by an estimate by the actuary of the additional appropriations by the Employer which will be required to finance the additional normal cost and to amortize on a level basis the additional accrued liability over forty (40) years from the effective date of the change.
Contributions of the Employer. 3.1 Subject to Rule 3.2 and Rule 3.3, each Month the Employer shall pay to the Trustee in Dollars by cheque delivered to the office or in the manner from time to time specified by the Trustee out of moneys belonging to the Employer for each Member (including Member remaining in Employment alter Normal Retirement Age) a sum equivalent to twelve per cent (12%) of the Plan Salary (rounded to the nearest Cent by rounding down if the amount is below 0.005 and otherwise rounding up) payable to the Member in the immediately preceding Month. If the Termination of Employment of a Member occurs in a Month then the Employer shall pay the Contributions only until the end of the last complete Month of Employment.
