§ 5-3. Employer contributions.

(a) In general

Employer contributions must be made to the Retirement Savings Plan as provided in this section.

(b) Non-hybrid members.

(1) For each payroll period in which a non-hybrid member makes a mandatory employee contribution under § 5-2 {"Mandatory contributions by non-hybrid members"} of this subtitle, the member's employer must contribute to the Retirement Savings Plan an amount equal to 4% of the member's earnable compensation for that payroll period.

(2) As soon as administratively practicable after the employer contribution is made, the contribution will be credited to the non-hybrid member's Employer Contribution Sub-Account.

(c) Hybrid members.

(1) For each payroll period in which a hybrid member has earnable compensation and the Class D funded status is 85% or more, the hybrid member's employer must contribute to the Retirement Savings Plan 3% of the member's earnable compensation for that payroll period.

(2) For each payroll period in which a hybrid member has earnable compensation and the Class D funded status is less than 85%, the hybrid member's employer must contribute to the Retirement Savings Plan 1.5% of the members's earnable compensation for that payroll period.

(3) As soon as administratively practicable after the employer contribution is made, the contribution will be credited to the hybrid member's Employer Contribution Sub-Account.

(4)(i) For purposes of paragraphs (2) and (3) of this subsection, the Class D funded status for a payroll period is the ratio described in subparagraph (ii) of this paragraph as of June 30 of the calendar year immediately preceding the calendar year in which the payroll period begins.

(ii) Except as provided in subparagraph (iii) of the paragraph, the Class D funded status as of each June 30 is the ratio that the Employees' Retirement System's assets attributable to Class D members on that date, determined on an "adjusted market value basis", bears to the Employees' Retirement System's liabilities attributable to Class D members on that date. The ratio will be determined by the actuary of the Employees' Retirement System, using a methodology approved jointly by the Boards of this Plan and of the Employees' Retirement System.

(iii) Notwithstanding subparagraph (ii) of this paragraph, the Class D funded status for payroll periods beginning in calendar years 2014 and 2015 is 100%.

(d) Non-hybrid members also contributing to Deferred Compensation Plan.

(1) For each payroll period in which a non-hybrid member makes a voluntary deferral to the City's Deferred Compensation Plan, the member's employer must contribute to the Retirement Savings Plan an amount equal to 50% of the amount deferred by the member for that payroll period, but taking into account only the amount deferred that does not exceed 2% of the member's earnable compensation for that payroll period.

(2) As soon as administratively practicable after this employer contribution is made, the contribution will be credited to the non-hybrid member's Employer Contribution Sub-Account.