(a) The Police and Fire Pension Funds have been established for purposes set forth in I.C., 36-8-7 (1937 Fire Fund); I.C., 36-8-8 (1977 Fire Fund); I.C., 36-8-6 (1925 Police Fund); and I.C., 36-8-8 (1977 Police Fund).
(b) Effective as of the date of this section, and to the fullest extent allowed by law, all employee contributions to the Fund shall be designated as being"picked up" by the City, pursuant to Section 414(h)(2) of the Internal Revenue Code of 1986, as amended, so as to permit such contributions to be considered "pre-tax contributions" for purposes of the contributing employee's W-2 salary as utilized in assessing state and federal income taxes until distributed from the Fund.
(c) The affected employees shall not be entitled to any option of choosing to receive the contributed amounts directly instead of having them paid by the City to the Fund.
(d) No contributions prior to the effective date of this section shall be designated as being "picked up".
(e) The Police and Fire Pension Fund shall be non-reverting funds. Withdrawals or transfers from these funds may be used only for pension payments.
(f) The fiscal officer shall deposit all municipal and state pension revenues into the Police Pension and Fire Pension Funds.
(`91 Code, § 2-111) (Ord. D-1514-01, § II, 11-19-01; Ord. D-1598-02, 12-16-02; Ord. D-2067-11, 11-7-11)