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Title VI COUNTY, TOWNSHIP AND POLITICAL SUBDIVISION GOVERNMENT

  Chapter 50back to chapter 50

  50.1031.  Benefit adjustments, required assets-to-liability ratio — frequency of adjustments — effective date of adjustments. — 1.  No adjustments may be made until the fund has achieved a funded ratio of assets to the actuarial accrued liability equaling at least eighty percent.  No benefit adjustment shall be adopted which causes the funded ratio to fall more than five percent.

  2.  Adjustments may be made no more frequently than once every twelve months.

  3.  Any adjustment or combination of adjustments within a twelve-month period may increase the actuarially determined, normally required annual contribution as a percentage of payroll no more than one percent.

  4.  Adjustments, other than those in subdivision (3) of subsection 9 of section 50.1030, will apply only with respect to active employees on the effective date of any adjustment.

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(L. 2005 H.B. 58 merged with S.B. 210)


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