Ordinance 1497ORDINANCE 1497
AN ORDINANCE AMENDING ORDINANCE
NO. 1079 NEW SERIES, ESTABLISHING A
RELIEF, PENSION AND INSURANCE SYSTEM
FOR MEMBERS OF THE POLICE AND FIRE DE-
PARTMENTS OF THE CITY OF ALAMEDA, AND
REPEALING ORDINANCE NO. 276 NEW
SERIES, AS AMENDED
(Adopted by vote of people on March 9, 1965)
BE IT ORDAINED BY THE PEOPLE OF THE
CITY OF ALAMEDA as follows:
SECTION 1, Section 7 of Ordinance No.
1079 New Series, relating to and entitled,
"Contributions to Pension Fund by the City,"
is hereby amenL'ed to read as follows:
Section 7. Contributions to Pension Fund
by the City. There shall be paid into the
Pension Fund by the City of Alameda an-
nually, from and after July 1, 1953, an
amount which, together with the assets of
the Pension Fund, including the contribu-
tions to be made by the remaining active
members, shall be sufficient to meet all
current claims against said Pension Fund,
and an amount which is determined actu-
drily to be sufficient to amortize the fund
over the lifetime of members and bene-
ficiaries, the accrued and prospective lia-
bilities pertaining to the active and retired
members covered by the provisions of this
ordinance, and all other claims against said
Pension Fund. The present and future claims
Ordinance No. 1497
of all persons now receiving pension or dis-
ability payments pursuant to the provisions
of Ordinance No. 276 New Zeries, as amend-
ed, are and shall continue to be claims
against, and shall be paid from, said Pen-
sion Fund created by This ordinance. The
City shall further appropriate and pay an-
nually a sum sufficient to pay the adminis-
trative expenses of the Board, the amount
of which appropriation shall be based on
estimates of such expense furnished by the
Board.
The amount to be due from and paid an-
nually by the City to the Pension Fund un-
der the terms of this section shall be the
amount fixed and determined by the Board
each year. In fixing and determining said
amount, the Board shall give due considera-
tion to the valuation of the Pension Fund
made by the actuary prior to the com-
mencement of the amortization period and
the revised periodical valuations which the
Board shall cause to be made at the end of
each fifth (5th) year of the amortization
period, or at such lesser periods as the
Board may deem necessary. Said valuations
so made by the actuary shall take into ac-
count the present liabilities accrued and to
accrue to persons now drawing pension or
retirement payments under Ordinance No.
276 New Series, as amended, the contribu-
tions of members, the interest to accrue to
the fund, the compensation experience of
members, the probabilities of separation by
all causes, of members from service, and of
death after retirement.
SECTION 2. This ordinance shall be in full
force and effect ten (10) days from and after
the date of its adoption,
(Adopted by vote of people on March 9, 1965)
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