3-12C-1632. Amount of payment to system by city of Mitchell.
126 words·~1 min read·
/sd/title-3/chapter-3-12/3-12c-1632A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The city of Mitchell shall pay to the system an amount equal to the present value of all benefits earned by the members described in § 3-12C-1629 up to July 1, 1996, multiplied by the funding ratio set forth in the valuation of the actuarial requirements and financial condition of the system as of June 30, 1996. That amount shall be calculated as of the close of business on June 30, 1996, by the system's actuary. Any amount to be paid to the system by the city of Mitchell which exceeds the value of the assets of the city of Mitchell firemen's pension plan, calculated as of the date of transfer of such assets, may be paid in periodic installments as provided in § 3-12C-308 .