Memphis Code of Ordinances § 4-34-2 Participation in 2016 cash balance plan/defined contribution plan.
Sec. 4-34-2. - Participation in 2016 cash balance plan/defined contribution plan.
A. General rule. Each person (1) who is hired on or after July 1, 2016, or (2) who is a transferred participant as defined in section 4-4-1(43)(except for those transferred participants who are eligible to make and have duly made the irrevocable election provided in section 4-28-1), in each case who is in the regular, full-time employment of the city to the extent that the city contributes to the salary of such employee in a job classification or title that the city administration shall designate as eligible for participation in the plan, including any person who is elected to his/her office by the people, but not including the light, gas and water division of the city, temporary employees as classified by the city, part-time employees, or any employee mandated by law to contribute to the federal Social Security system and not eligible to be a participant by his/her job classification, shall become a participant in this 2016 plan as of his or her employment creditable service date without any further action on his or her part.
B. Grandfather rule for 1948 and 1978 plans. Any employee whose reemployment commencement date occurs on or after July 1, 2016, and who terminated employment as a member in the city retirement system under the 1948 plan or 1978 plan and properly elected a deferred pension under section 4-24-13 or 4-28-13 or who retired as a participant in such 1948 plan under section 4-24-10, 4-24-11 or 4-24-12, or who retired as a participant in such 1978 plan under section 4-28-10, 4-28-11 or 4-28-12, shall be a member in such 1948 plan or 1978 plan upon his/her reemployment commencement date and shall not participate in this 2016 plan.
C. Elected employee rule. Any employee who is elected to his or her position from and after July 1, 2016, including the mayor or any member of the council, may elect to participate in this 2016 plan as of the date s/he begins his/her elected duties, provided:
1. S/he makes such written election to the board within 90 days of such date;
2. If in her/his timely election s/he elects to begin participation in the 2016 plan after the date s/he begins her/his elected duties;
3. S/he enters the 2016 plan before the expiration (other than because of ordinary disability) of her/his then current term of office; and
4. Upon such entry, s/he pays into the trust fund the employee contributions payable for the period since such date s/he began her/his elected duties, with compounded interest at the rate established by the board.
D. Part-time employee rule. Part-time assistant city attorneys and other part-time employees who may hereafter be specifically included by amendment to this 2016 plan shall be participants in this 2016 plan unless within 90 days of employment they request in writing to be excluded and the request is approved by the mayor.
E. Leased employee. The term "employee" shall also not include any person who is a leased employee within the meaning of code section 414(n).
(Ord. No. 5573, § III, 12-16-2014; Ord. No. 5763, § 1(25-211), 12-15-2020)