B. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding: 911225. (A) As provided in Sections 911210 and “Section 911220, the employer and employee contribution rates for the system beginning in Fiscal Year 20122013, expressed as a percentage of earnable compensation, are as follows: Fiscal Year Employer Contribution Employee Contribution 20122013 12.30 7.00 2013201 4 12.50 7.50 20142015 and after 13.00 8.00 The employer contribution rate set out in this schedule includes contributions for participation in the incidental death benefit plan provided in Sections 911120 and 911125 and for participation in the accidental death benefit program provided in Section 911140. The employer contribution rate for employers that do not participate in these programs must be adjusted accordingly. (B) After June 30, 2015, the board may increase the percentage rate in employer and employee contributions for the system on the basis of the actuarial valuation, but any such increase may not result in a differential between the employee and employer contribution rate for that system that exceeds 5.00 percent of earnable compensation. An increase in the contribution rate adopted by the board pursuant to this section may not provide for an increase in an amount of more than onehalf of one percent of earnable compensation in any one year. (C) If the scheduled employer and employee contributions provided in subsection (A), or the rates last adopted by the board pursuant to subsection (B), are insufficient to maintain a thirty year amortization schedule for the unfunded liabilities of the system, then the board shall increase the contribution rate as provided in subsection (A) or as last adopted by the board in equal percentage amounts for employer and employee contributions as necessary to maintain an amortization schedule of no more than thirty years. Such adjustments may be made without regard to the annual limit increase of onehalf percent of earnable compensation provided pursuant to subsection (B), but the differential in the employer and employee contribution rates provided in subsection (A) or subsection (B), as applicable, of this section must be maintained at the rate provided in the schedule for the applicable fiscal year.
B. Article 1, Chapter 11, Title 9 of the 1976 Code is amended by adding: “Section 911225. (A) As provided in Sections 911210 and 911220, the employer and employee contribution rates for the system beginning in Fiscal Year 20122013, expressed as a percentage of earnable compensation, are as follows: Fiscal Year Employer Contribution Employee Contribution 20122013 12.30 7.00 2013201 4 12.50 7.50 20142015 and after 13.00 8.00 The employer contribution rate set out in this schedule includes contributions for participation in the incidental death benefit plan provided in Sections 911120 and 911125 and for participation in the accidental death benefit program provided in Section 911140. The employer contribution rate for employers that do not participate in these programs must be adjusted accordingly. (B) After June 30, 2015, the board may increase the percentage rate in employer and employee contributions for the system on the basis of the actuarial valuation, but any such increase may not result in a differential between the employee and employer contribution rate for that system that exceeds 5.00 percent of earnable compensation. An increase in the contribution rate adopted by the board pursuant to this section may not provide for an increase in an amount of more than onehalf of one percent of earnable compensation in any one year. (C) If the scheduled employer and employee contributions provided in subsection (A), or the rates last adopted by the board pursuant to subsection (B), are insufficient to maintain a thirty year amortization schedule for the unfunded liabilities of the system, then the board shall increase the contribution rate as provided in subsection (A) or as last adopted by the board in equal percentage amounts for employer and employee contributions as necessary to maintain an amortization schedule of no more than thirty years. Such adjustments may be made without regard to the annual limit increase of onehalf percent of earnable compensation provided pursuant to subsection (B), but the differential in the employer and employee contribution rates provided in subsection (A) or subsection (B), as applicable, of this section must be maintained at the rate provided in the schedule for the applicable fiscal year.
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