§ 300. Contributions by the employer.

A.

For Plan Years prior to January 1, 2016, the Employer shall make contributions to the Fund in such amounts and at such times as shall be necessary to provide the benefits set forth herein and in accordance with the provisions of any law applicable to the Plan. Subject to the provisions of Section 302 hereof, all contributions made by the Employer to the Fund shall be irrevocable and shall be used solely for the exclusive benefit of Participants and their beneficiaries and to defray reasonable expenses of the Plan or Fund. Forfeitures arising because of death or Termination of Employment before a Participant becomes eligible for a benefit from the Plan or arising for any other reason shall be applied to reduce the cost of the Plan, not to increase the benefits otherwise payable to Participants. Employer contributions shall be deposited in the Fund no later than five (5) calendar days following each payday, and in such amounts as the Board of Trustees in conjunction with the annual actuarial examination shall determine necessary to keep the Fund actuarially sound, subject to the appropriation of funds by the Employer.

B.

For all Plan Years beginning with the Plan Year beginning January 1, 2016, the Employer shall make contributions to the Fund in amounts not less than eleven and one-half percent (11.5%) of the total Earnings of its Participants in the Plan, or in the amount of the Actuarially Determined Employee Contribution for that Plan Year, whichever is greater and in accordance with the provisions of any law applicable to the Plan. If the Funded Ratio, as determined in the annual actuarial study required by Section 1005 herein, equals or exceeds one hundred twenty percent (120%), then the Employer is eligible to reduce the Employer contribution below the amount required by this paragraph for the next Plan Year. In the event that the Employer contribution is so reduced, the Employer must continue to make contributions that are equal to or greater than the Normal Cost, plus any remaining obligations under the Closed Amortization Schedule. In no event will the Employer contribution decrease by more than one percent (1.00%) between a Plan Year and the immediately subsequent Plan Year. If the annual actuarial study shall at any time result in a finding that the Funded Ratio is less than one hundred and twenty percent (120%), the Employer shall resume making the minimum Employer contribution required by this paragraph no later than the next Plan Year after such finding. Subject to the provisions of Section 302 hereof, all contributions made by the Employer to the Fund shall be irrevocable and shall be used solely for the exclusive benefit of Participants and their beneficiaries and to defray reasonable expenses of the Plan or Fund. Forfeitures arising because of death or Termination of Employment before a Participant becomes eligible for a benefit from the Plan or arising for any other reason shall be applied to reduce the cost of the Plan, not to increase the benefits otherwise payable to Participants. Employer contributions shall be deposited in the Fund no later than five (5) calendar days following each pay day, in such amounts as are described herein.

C.

1. ;hg; Mandatory duty of Secretary of Council. The Employer funding requirements set forth in this Section shall remain in force unless and until the following requirements for amendment or repeal are met:

Any attempt to amend or repeal this chapter can lawfully occur only by placing such proposal on the official agenda of the City Council which agenda is prepared by the office of the Secretary of the Council ("Secretary").

In the event a request is ever made by any party to place the issue of the amendment or repeal of this chapter on any agenda of the City Council, the Secretary is hereby specifically prohibited from placing such issue on any such agenda until full compliance with the following requirements have been made.

a.

The Secretary shall forthwith (within twenty-four (24) hours) notify the Board of Trustees, and all major newspapers, all television stations and all radio stations then located within the City of Tulsa of the request for amendment or repeal of this chapter.

b.

The Secretary shall forthwith notify the general public of such request by a press conference officially called by the Secretary and held at the City Hall, to which the Board of Trustees, and all of the below-named newspapers, radio and television stations shall be invited.

c.

The Secretary shall forthwith cause a public notice to be given in the Tulsa World and in all other appropriate media outlets, as determined by the City's Communication staff, specifically setting forth fully the nature, purpose and extent of the request and the date the matter will first be placed on the agenda for public hearing before the City Council, which date shall be a date more than fifteen (15) days from the date of first publication of such notice. The notice shall be published once a week for two (2) consecutive weeks.

d.

The Secretary shall, upon performance of all of the above acts, execute and deliver to the Council of the City of Tulsa written certification as to the time and manner of the performance of the foregoing duties herein assigned, which certification shall be filed as a part of the permanent records of the City in the office of the City Clerk, and shall be available for inspection or copying at all reasonable times.

2.

Procedure before Council. No official action shall be taken by the Council of the City of Tulsa upon any request to amend or repeal this chapter until the following acts and procedures have been complied with:

a.

The Council shall have examined the written certification of the Secretary concerning the acts required to be performed by Subsection 103.A above, and shall have satisfied itself that all such acts have been duly and timely performed; and

b.

The Council shall have held at least two (2) public hearings on the proposal (one (1) of which shall be held at night), which hearings shall be at least seven (7) days apart, and the first of which shall have been more than fifteen (15) days from the date of first publication of the notice given by the Secretary setting forth the nature of the request to amend or repeal this chapter as above provided.

(Ord. Nos. 17199, 20812; Ord. No. 23382, § 2, 10-1-15 )