(A) The city is hereby authorized to incur the necessary expenses for the establishment, operation, and administration of the System, and to appropriate and pay the same. In addition, the city is hereby authorized to appropriate annually such amounts as are required in addition to employee contributions to maintain the System and the fund in accordance with the provisions of the defined benefit plan. Any appropriation so made to maintain the system and fund shall be for deferred wages or salaries, and for the payment of necessary expenses of operation and administration to be transferred to the trustees of the Oklahoma Municipal Retirement Fund for such purposes and shall be paid into the fund when available, to be duly transferred to the Oklahoma Municipal Retirement Fund.
(B) The plan contains provisions which are intended to constitute a pick-up program by the employer which satisfies the requirements of I.R.C. § 414(h)(2) (the “Code”); and the plan, be, and it is, approved and adopted as of the date therein stated; and required contributions described in Section 4 of the Joinder are designated as “picked-up” by the employer so as to not be included in plan participants’ gross income for federal income tax purposes as provided in I.R.C. § 414(h)(2), being 26 U.S.C. § 414(h)(2). All such required contributions are to be paid by the employer in lieu of contributions by the plan participant. No participant in the plan shall have the option of choosing to receive the amounts of required contributions directly in lieu of having such amounts paid by the employer to the trustees of the plan.
(Prior Code, § 36.53) (Ord. 1173, passed 8-7-1992; Ord. 1554, passed 6-18-2007; Ord. 1744, passed 12-15-2014; Ord. O-2022-12, passed 4-12-2022)