(a) By resolution dated December 9, 1980, and by overwhelming majority vote of all employees of the city pursuant to said resolution, the city withdrew from the social security system effective December 31, 1982. By resolution dated December 14, 1982, the city established a deferred compensation plan by contract for benefits in lieu of social security effective January 1, 1983.
(b) The city shall increase its employer contribution to 5.51 percent effective October 1, 1999, for all employees of the city, who are participating members of Nationwide Retirement Solutions, Inc.
(Prior Code, § 1-11; Ord. of 10-9-1984; Ord. of 9-28-1999)