(a) Established. There is a pension fund for the Police Service Retirement Plan.
(b) Employee contributions. Through payroll deductions, a participant shall contribute 7.25% to the pension fund 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.
(d) Contributions after termination. A participant is not required to make contributions on or after the participant's date of death, date of termination of employment, date of disability, or date of retirement, whichever date is earliest.
(1985 Code, Art. 7, § 5-103) (Bill No. 90-01; Bill No. 66-05; Bill No. 58-07; Bill No. 41-10; Bill No. 30-12; Bill No. 67-12)