(a) Established. There is a pension fund for the Fire Service Retirement Plan.
(b) Employee contributions. Each participant shall contribute to the pension fund, through payroll deductions, 7.25% of the participant's annual basic pay in each calendar year or portion of a calendar year while an active participant in the plan.
(c) Employer contributions. The employer will "pick-up" the employee contributions described in subsection (b) 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, § 4-103) (Bill No. 90-01; Bill No. 66-05; Bill No. 40-10; Bill No. 30-12)