9-16-5.1. 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.