(a) All payments of retirement benefits under this subchapter shall be payable semimonthly.
(b) (1) (A) In case the fund established by this subchapter should ever become deficient to pay retirement benefits due any person under this subchapter, the city treasurer shall verify the deficiency.
(B) (i) This deficiency shall be met by payment from the general funds of the city, and proportionately from the general funds of the county if the salaries of the judges of the municipal courts in the county are paid partially by the county, in the amount as may be necessary to continue the timely payment of retirement benefits to the persons entitled thereto.
(ii) Provided, however, that in the case of a county municipal court judge, the deficiency shall not be met by payment from the general funds of the county.
(2) If funds thereafter accruing under this subchapter accumulate to become sufficient for the payment of benefits, then no further payment shall be made from the general funds of the city unless and until the fund provided by this subchapter should again become deficient and the deficiency is verified by the city treasurer.
(c) (1) In the case of a county municipal court judge, should the fund established under this subchapter be insufficient to pay retirement benefits due any such judge, then the fund shall be prorated among those entitled by the board as may be deemed just and equitable.
(2) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if:
(A) The board pays the full benefit each month to all eligible retired judges until assets in the fund are depleted for the fiscal year; or
(B) The board decreases all payments to all eligible retired judges by an equal proportion for the fiscal year.
Section: 24-8-403 24-8-404 24-8-405 24-8-406 24-8-407 24-8-408 24-8-409 24-8-410 24-8-411 NextLast modified: November 15, 2016