(A) PERA Municipal General Member Coverage Plan 3 is hereby adopted as the retirement plan for the Management, Paraprofessional and Unclassified members as required by law.
(B) An election shall be held on August 18, 1993 upon the question of adoption of such plan pursuant to the requirements of Section 10-11-55.1 NMSA 1978.
(C) If such plan shall be approved, compensation of the Management, Paraprofessional and Unclassified employees will be appropriately adjusted to provide for an increase in the amount of the employees contribution as required by Municipal General Member Coverage Plan 3 pursuant to action of the City Council as reflected in the City of Albuquerque minutes of June 21, 1993.
(D) The Director of Personnel Services or his/her designee is designated as the representative of the city who is responsible for the conduct of the election and for the purpose of canvassing and verifying the results of such election and is authorized to certify the results of such election to the Public Employees Retirement Board immediately following the election upon such coverage plan in order that it may be effective on the first day of the month following the election.
(E) Pursuant to Section 10-11-5 NMSA 1978, the city hereby elects to be responsible for making contributions of 75% of its employees' member contributions in the Management, Paraprofessional and Unclassified division under Municipal General Member Coverage Plan 3.
(F) This section shall be irrevocable with respect to the payment of the employee contributions under the current coverage plan contribution rates stated in division (E).
(G) Division (E) and (F) above shall be effective with the first pay period of the month in which Municipal General Member Coverage Plan 3 becomes effective for the Management, Paraprofessional, and Unclassified division employees.
(Res. 79-1993, approved 6-23-93)