§ 2-88.4. Contributions.

(a)

The city shall pick-up, rather than deduct from each member's pay, beginning with the date of covered employment, eight (8) percent of the member's compensation. The monies so picked-up shall be deposited in the fund on a bi-weekly basis. An account record shall be maintained continuously for each member. Pick-up contributions shall continue until death, disability or termination of covered service, whichever shall occur first. Contributions shall remain in the fund unless withdrawn as provided in the plan. No member shall have the option to choose to receive the contributed amounts directly instead of having them paid by the city directly to the plan. All such pick-up contributions by the city shall be deemed and be considered as part of the member's accumulated contributions and subject to all provisions of the plan pertaining to accumulated contributions of members. The intent of this provision is to comply with Section 414(h)(2) of the Internal Revenue Code. Effective as of the date on which this plan required employee contributions, the member contributions made pursuant to this paragraph shall be treated as mandatory employee contributions under §1.415(c)-1(a)(2)(B) and shall be subject to the annual addition limitations of Section 415(c) of the Code to the extent applicable to governmental plans.

(b)

All benefits payable under this plan are in lieu of a refund of accumulated contributions.

(c)

The city shall contribute to the fund an amount which when combined with (i) member contributions and (ii) investment return, will be sufficient to maintain the plan on a sound actuarial basis.

(d)

Expenses, charges and fees attributable to the management of the plan shall be paid from the fund.

(e)

The city shall have no right, title or interest in the fund or in any part thereof, and no contribution made thereto shall revert to the city, except such part of the fund, if any, which remains therein after the satisfaction of all liabilities to persons entitled to benefits under the plan.

(Ord. No. 02O-09-165, § 1, 12-9-02; Ord. No. 18O-01-102, § 1, 1-29-2018)