Any municipality participating in the System shall appropriate funds, for the use and benefit of the System, as provided in the following schedule:
1. Prior to July 1, 1991, a minimum of ten percent (10%) of the actual paid base salary of each member of the System employed by the municipality;
2. Beginning July 1, 1991, a minimum of ten and one-half percent (10 1/2%) of the actual paid base salary of each member of the System employed by the municipality;
3. Beginning July 1, 1992, a minimum of eleven percent (11%) of the actual paid base salary of each member of the System employed by the municipality;
4. Beginning July 1, 1993, a minimum of eleven and one-half percent (11 1/2%) of the actual paid base salary of each member of the System employed by the municipality;
5. Beginning July 1, 1994, a minimum of twelve percent (12%) of the actual paid base salary of each member of the System employed by the municipality;
6. Beginning July 1, 1995, a minimum of twelve and one-half percent (12 1/2%) of the actual paid base salary of each member of the System employed by the municipality; and
7. Beginning July 1, 1996, a minimum of thirteen percent (13%) of the actual paid base salary of each member of the System employed by the municipality.
The sum appropriated shall be paid to the System within ten (10) days following the payroll period on which the contribution is based.
The state shall make such appropriation as is necessary to assure the retirement benefits provided by the article.
Laws 1977, c. 256, § 50-109, eff. July 1, 1978; Laws 1980, c. 356, § 14, eff. Jan. 1, 1981. Amended by Laws 1990, c. 340, § 7, eff. July 1, 1990.