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A. Illinois Municipal Retirement Fund: The Village elects to participate in the Illinois Municipal Retirement Fund, effective January 1, 1963.
B. Social Security: The eligible employees shall be entitled, as of January 1, 1955, to participate in the benefits of the Federal old age and survivors insurance system as authorized by the Federal Social security act and amendments thereto. The village president shall take such action as may be required by applicable state and federal laws or regulations to effectuate this subsection.
1. Agreement With State: The village president is directed to execute an agreement with the state employees' retirement system of the state (social security unit) to secure coverage of eligible employees as provided in this subsection.
2. Withholdings Authorized: Withholdings from salaries or wages of employees for the purpose provided in this subsection, are hereby authorized to be made in the amounts and at such times as may be required by applicable state and federal laws or regulations, and shall be paid over to the state agency in such amounts and at such times as are designated by state laws or regulations.
3. Employer Contributions: Employer contributions and administrative expense shall be paid to the state agency in accordance with applicable state and federal laws and regulations from amounts appropriated for such purposes.
4. Records: The village clerk shall maintain such records and submit such reports as may be required by applicable state and federal laws or regulations. (1987 Code)