(A) The city makes contributions on behalf of all eligible employees to the Social Security System in addition to those contributions made by the employee through FICA payroll deductions.
(B) All regular uniformed employees in the police department are covered by the Police Pension. Benefit levels and contribution rates are set by the Police Pension Board and or state statutes.
(C) All regular full-time and eligible part-time non-uniformed employees are covered under the state’s Municipal Retirement Fund. Benefit levels and contribution rates are set by the state.
(D) Employees intending to retire should notify their department head of their intent to retire at least three months prior to the date of retirement.
(E) All employees can contribute to a tax deferred individual retirement fund through an IRS 457 plan offered by ICMA-RC.
(Ord. 2619, passed 7-8-2003)