Notwithstanding any provision of this part 4 to the contrary, an employer that affiliates its old hire police officers’ or firefighters’ pension fund with the fire and police pension association pursuant to section 31-31-701 and that is not receiving state contributions under part 3 of this article shall annually contribute an amount approved by the board of directors of the association, upon the advice of its actuary, sufficient to pay the normal cost plus amortize the unfunded past service liability attributed to old hire members, over a period not to exceed the lesser of twenty years or the number of years equal to the average remaining life expectancy of the pension fund’s members.
Source: L. 96: Entire article added with relocations, p. 878, § 1, effective May 23. L. 2009: Entire section amended, (SB 09-227), ch. 125, p. 543, § 4, effective April 16.