§ 4-24-6 — Employee contributions

Sec. 4-24-6. - Employee contributions.

A. Effective June 19, 1999 (being the first day of the first pay period of fiscal year 2000), each 1948 plan participant shall contribute five percent of his or her compensation to the trust fund. Such contribution shall be paid by the participant while an employee until his or her retirement as an employee. B. Effective June 19, 1999 (being the first day of the first pay period of fiscal year 2000), each 1948 plan participant who is a police officer or firefighter shall contribute to the trust fund a percentage of his or her compensation determined under the following table: Years of Service as of January 1, 1990 | Contribution Percentage Less than 15 | 5.50 15 but less than 20 | 5.25 20 or more | 5.00 C. Effective January 1, 1983, the contributions made by each participant to the trust fund shall be designated as city contributions pursuant to code section 414(h). Such designation is contingent upon the contributions being excluded from the participant's gross income for federal income tax purposes. D. Subject to the provisions of this plan, the board shall adopt rules and regulations governing the making of employee contributions by payroll deduction. The head of each city department shall apply the rate of contribution to the compensation of each participant, and shall certify to the comptroller on each payroll the amount to be contributed, and shall promptly furnish to the board a copy of each payroll; and such amount shall be deducted by the comptroller and shall be paid into the trust fund and credited by the board as employee contributions of the participants for whom the contributions were made. Every participant shall be deemed to have consented and agreed to the employee contributions provided and made hereunder. Payment of salary, less such contributions, shall be a full and complete discharge of all claims and demands whatsoever for the service rendered by such person to the city during the period covered by such payment, except his or her claim to the benefits to which he or she may be entitled under the provisions of this 1948 plan. E. At the end of each pay period, the comptroller shall determine the aggregate amount of the employee contributions of the participants who are employees of the general city government for such period, and shall be supplied with the aggregate amount of the employee contributions of the participants of the various other city agencies, in the proper amount, and shall then transfer to the trust fund an amount equal to the aggregate employee contributions for all participants for such pay period. F. No such contributions shall be required or made while the participant is in the armed services and receiving years of service credit under section 4-4-1(44)(g).

(Code 1985, § 25-70; Ord. No. 3907, § 1, 12-5-1989; Ord. No. 4673, §§ 1, 3, 6-1-1999)