Contributions to system--Amount required

Total contributions in each year to a retirement system subject to this chapter shall be sufficient to fund the following: (1) The administrative cost of the plan during the year; (2) The actuarially determined cost of future benefits accruing to members during the year; and (3) An amount sufficient to amortize any unfunded liability of the system over a period not to exceed forty years on the basis of reasonable and generally accepted actuarial assumptions. Source: SL 1984, ch 56 , § 6.