86.330. Normal rate of contribution, how determined.
Normal rate of contribution, how determined.
86.330. After each annual valuation, the actuary engaged by the boardto make the valuation required by sections 86.200 to 86.366, shalldetermine the normal contribution rate. The normal contribution rate shallbe the rate percent of the earnable compensation of all members obtained bydeducting from the total liabilities of the retirement system the amount ofthe assets in hand to the credit of the retirement system and the presentvalue of expected future member contributions and dividing the remainder byone percent of the present value of the prospective future compensation ofall members as computed on the basis of mortality and service tables andinterest assumptions adopted by the board of trustees.
(L. 1957 p. 256 § 43, A.L. 2000 H.B. 1808)Effective 7-1-00