ARTICLE IV. - OTHER POST EMPLOYMENT BENEFITS

Sec. 60-500. - Employer contributions.#

(a)

For fiscal year 2023-2024, and each year thereafter until the other post-employment benefits unfunded actuarial accrued liability is reduced to $0.00, the city actuary shall:

(1)

Determine total employer pension contributions and OPEB claim payments in the prior year pursuant to the Warwick Ordinances section 20-132 (Fire and Police 1), section 20-242 (Fire 2), section 52-85 (Police 2), and sections 60-251 to 60-253 (Municipal Employees), and OPEB claim payments from information supplied by the City of Warwick.

(2)

Calculate a two and one-half percent increase from the sum of subsection (1) of this section.

(3)

Determine total employer pension contribution appropriations and projected OPEB claim payments for the new year pursuant to section 20-132 (Fire and Police 1), section 20-242 (Fire 2), section 52-85 (Police 2), and sections 60-251 to 60-253 (Municipal Employees), and OPEB claim payments projected by the actuary.

(4)

Subtract the sum of subsection (3) of this section from the sum of subsection (1) of this section and subtract the result from subsection (2) of this section. The city shall appropriate the difference to the irrevocable "Other Post-Employment Benefit Trust." If less than $0.00, no contribution to the other post-employment benefit trust is required.

(b)

Nothing shall prohibit the city from making additional appropriations in any year to the trust from other sources without impacting future requirements under this section. Employee contributions to the "Other Post-Employment Trust" shall reduce the appropriation requirement by the city.

(Ord. No. O-23-18, § II, 7-18-23; Ord. No. O-25-11, § I, 7-8-25)