(a) Participant Contributions. Each participant shall, as a requirement of participation, pay regular contributions to the Pension Fund in an amount equal to five percent of the participant's compensation. Each participant shall complete the necessary forms to authorize the payment of participant contributions by way of payroll deduction.
(b) Reduction of Participant Contributions. Notwithstanding subsection (a) hereof, if an actuarial study performed by the actuary shows that the condition of the Pension Fund is such that payments into the Pension Fund by participants may be reduced below the percentages prescribed in subsection (a) hereof, or may be eliminated, and that if such payments are reduced or eliminated, contributions by the employer will not be required to keep the Pension Fund actuarially sound, the employer may, by ordinance or resolution, reduce or eliminate payments into the Pension Fund by participants.
(c) Employer Contributions. The actuary, in accordance with the Act, shall determine the minimum Municipal obligation of the employer. The employer shall pay into the Pension Fund, by annual appropriations or otherwise, the contributions necessary to satisfy the minimum Municipal obligation.
(d) State Aid. General Municipal pension system State aid, or any other amount of State aid received by the employer, in accordance with the Act, from the Commonwealth, may be deposited into the Pension Fund governed by this Plan and shall be used to reduce the amount of the minimum Municipal obligation of the employer.
(e) Gifts. Council is hereby authorized to take, by gift, grant, devise or otherwise, any money or property, real or personal, for the benefit of the Plan and cause the same to be held as a part of the Pension Fund. The care, management, investment and disposal of such amounts shall be vested in Council or its delegate, the Plan Administrator, subject to the direction of the donor and not inconsistent with applicable laws and the terms of the Plan. (Ord. 2139. Passed 3-15-93.)