§ 13.10. Retirement plans to be actuarially sound.

Any retirement plan adopted by the metropolitan government pursuant to Section 13.06 hereof shall be actuarially sound; that is, annual contributions shall be made by members of such retirement plans and by the metropolitan government to a fund or funds established and invested for the sole purpose of financing benefits provided in accordance with the provisions of such retirement plans. The amount of such annual contributions by the employees and the metropolitan government shall be determined as the sum of normal cost and five (5) percent of the unfunded past service liability, where normal cost and past service liability shall be determined actuarially by a qualified independent actuary based on the entry age normal cost method of funding or the unit credit cost method of funding.