Oregon Statutes - Chapter 450 - Sanitary Districts and Authorities; Water Authorities - Section 450.967 - Funding of retirement plan.

The authority may budget and provide for payment into the fund of the retirement plan an amount sufficient:

(1) To provide, on an actuarial reserve basis, the amortized level premium cost of the retirement benefits which, under the provision of the retirement system, are to be provided by the authority to its employees who attain the retirement age or retire in accordance with the terms of the retirement plan.

(2) To meet the actuarially computed costs of retirement benefits measured on the basis of services rendered or to be rendered by an employee before or after the date on which such employee becomes a member of the retirement plan. [1973 c.399 §11]

Section:  Previous  450.947  450.949  450.950  450.955  450.960  450.963  450.965  450.967  450.970  450.971  450.973  450.975  450.977  450.980  450.985  Next

Last modified: August 7, 2008