Skip to code content (skip section selection)
(A) All officers and employees of the city, who are members of the Fund and who are integrated into the Federal Social Security System, shall contribute to the Board an amount equal to 3.5% of that portion of his or her salary or wages on which Social Security allowances are payable and 5% of any salary or wages in excess of that on which Social Security allowances are payable, and an additional 1% of the total salary or wages of said officers and employees for the benefit of widows/widowers, or if no widow/widower survives, or if said person survives and subsequently dies or remarries, then to the child or children under the age of 18 years of a city officer or employee or of members retired on pension. Said contributions to be made by the city deducting same, which sums so deducted shall be paid over to the Fund created by this subchapter.
(B) If any compensation be granted to a person who has not been a contributor to the Fund, as herein provided, for an aggregate period of 20 years, such person shall be required to pay unto the Board for the benefit of the Fund, monthly, an amount equal to 3% of his or her compensation until such time as his or her contribution shall have been extended to a period of 20 years.
(C) Laborers, on a per diem wage, who elect to become members of the retirement system, shall pay the same rates.
(D) Such contributions shall be regularly deducted by the city from each member’s compensation and shall be paid over to the Fund, and a detailed statement of all amounts so transmitted shall be furnished by the City Treasurer monthly to the Secretary of the Board.
(Ord. 1144, passed 10-19-1970; Ord. 1240, passed 6-19-1978)