(A) PERA Municipal General Member Coverage Plan 3 shall be, and is hereby adopted as the retirement plan for the transportation worker employee member group as required by law.
(B) An election shall be held on June 28, 1994 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 members of the transportation worker employee group will be adjusted to provide for an increase of 4% in the amount of the employee's contribution as required by Municipal General Member Coverage Plan 3 pursuant to action of the City Council as reflected in the record of the City Council meeting of May 16, 1994.
(D) The Director of the Employee Relations Department 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 that he/she 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) The section shall be irrevocable with respect to employee participation in Municipal General Member Coverage Plan 3 should the employees in the transportation worker employee member group vote in favor of Plan 3 in the election held on June 28, 1994.
(F) Divisions (C) and (E) shall be effective with the first pay period of the month in which Municipal General Member Coverage Plan 3 becomes effective for the transportation worker employee member group.
(Res. 42-1994, approved 5-31-94)