It has been determined that the Retirement Fund, as defined in § 25-22 of the Code, is not sufficiently funded to meet its anticipated future liabilities. The Town shall henceforth make an annual contribution to the Retirement Fund in accordance with this article. Said annual contribution shall commence with the budget for fiscal year 1993/1994 and shall continue, in accordance with the formula stated herein, in each succeeding fiscal year until such time as the Retirement Fund is sufficiently funded according to accepted actuarial principles.
[Amended 5-22-1997 by Ord. No. 97-22]
The total amount of said contribution to the Retirement Fund for fiscal year 1996-1997 shall be a sum made up of the Town's pension appropriation for 1996-1997 plus the amount reserved for pension obligation bond contingency.
The appropriation to the Retirement Fund for fiscal year 1997-1998 shall be $4,743,000.
Appropriations to the Retirement Fund for fiscal years subsequent to 1997-1998 shall be a sum equivalent to the appropriation for the prior fiscal year plus 8.4% of the Retirement Fund appropriation for the prior fiscal year.
This funding formula for the Retirement Fund shall remain in effect until such time as the Retirement Fund is sufficiently funded, and such formula shall be reviewed every fifth fiscal year from the 1997-1998 fiscal year to ensure that the unfunded liability of the Retirement Fund shall be paid no later than 2020 fiscal year.