City cash balance plan allocations.
Memphis Code of Ordinances § 4-34-12
in effectSec. 4-34-12. - City cash balance plan allocations.
A. As of the end of each plan year, the comptroller shall determine the aggregate amount of the compensation of each 2016 plan participant who is not a police officer or a firefighter on which the employee cash balance plan contributions for such period are calculated. The city shall allocate to the cash balance accounts of such participants the following:
1. For those participants with less than five years of service at the date of such contribution three percent of such compensation.
2. For those participants with five or more years of service but less than ten years of service at the date of such contribution five percent of such compensation.
3. For those participants with ten or more years of service but less than 15 years of service at the date of such contribution seven percent of such compensation.
4. For those participants with 15 or more years of service but less than 20 years of service at the date of such contribution ten percent of such compensation.
5. For those participants with 20 or more years of service at the date of such contribution 13 percent of such compensation.
B. As of the end of each plan year, the comptroller shall determine the aggregate amount of the compensation of each 2016 plan participant who is a police officer or a firefighter on which the employee cash balance plan contributions for such period are calculated. The city shall allocate to the participant cash balance accounts of such participants the following:
1. For those participants with less than five years of service at the date of such contribution six percent of such compensation.
2. For those participants with five or more years of service but less than ten years of service at the date of such contribution eight percent of such compensation.
3. For those participants with ten or more years of service but less than 15 years of service at the date of such contribution ten percent of such compensation.
4. For those participants with 15 or more years of service but less than 20 years of service at the date of such contribution 13 percent of such compensation.
5. For those participants with 20 or more years of service at the date of such contribution 16 percent of such compensation.
(Ord. No. 5573, § III, 12-16-2014)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/code_of_ordinances?nodeId=TIT4PERESY_CH4-342016CABAPLDECOPL_ART3CABAPLCO_S4-34-12CICABAPLALFetched: 10/28/2026