(a) Established. There is a pension fund for the Employees' Retirement Plan.
(b) Employee contributions. Each participant shall contribute to the pension fund through payroll deductions as follows:
(1) for a tier one employee, 4% of the participant's annual basic pay in each calendar year or portion of a calendar year while an active participant; and
(2) for a tier two employee, no contribution is required.
(c) Employer contributions. The employer will "pick-up" the employee contributions described in subsection (b)(1) in accordance with 26 U.S.C. § 414(h)(2) of the Internal Revenue Code and a participant will have no option of receiving the "picked-up" contributions directly so that for tax purposes these contributions will be treated as employer contributions.
(1985 Code, Art. 7, § 3-104) (Bill No. 90-01; Bill No. 66-05)