286.04 RECORDS OF ELIGIBLE EMPLOYEES; PAYROLL DEDUCTIONS; INVESTMENTS.
   (a)   Within 30 days after the enactment of this chapter (Ordinance 3888, passed January 12, 1971), the head of every department and office of the City employing persons entitled under this chapter to receive compensation, shall submit to the Officers' and Employees' Retirement Board statements showing the name, sex, title, compensation, duties, date of birth and length of service as a City employee of every City employee under his or her department.
   (b)   The head of every department and office of the City shall, on the first day of each calendar month, notify the Board of the employment or the entering into office of new City officials and employees, and shall submit to the Board a statement showing the name, sex, title, compensation, duties and date of birth of each of such new City officers and employees, and shall also certify to the Board, at the same time, all removals, withdrawals and changes in salary of any members of the Officers' and Employees' Retirement System which have occurred during the preceding month.
   (c)   Under the direction of the Board, the head of each department and office shall furnish such other information and shall keep such records as the Board may require in the discharge of its duties.
(Ord. 3888. Passed 1-12-71.)
   (d)   The Director of Finance shall cause to be deducted on each and every payroll of a member, for each and every payroll period subsequent to January 1, 1971, 3.5% of the total amount of salary on which Social Security allowances are payable and 5% of any salary in excess of that on which Social Security allowances are payable.
   (e)   The Director of Finance shall pay each of the amounts so deducted into the treasury of the Officers' and Employees' Retirement Fund, and he or she shall transmit to the Secretary of the Board, monthly, a detailed statement of all amounts so paid in.
   (f)   The Board shall receive and retain all moneys turned over to it by the Director of Finance and, when deemed advisable, shall invest the funds payable in accordance with this chapter and shall pay over by warrant or check the amount due to each officer and employee entitled to receive compensation or benefits under this chapter. The Board is hereby authorized to invest funds of the Retirement System in United States Government bonds, in municipal bonds or in a manner allowed by the Home Rule Charter and the general law, including an investment in a contract of the pension investment type with a life insurance company authorized to transact business in the Commonwealth.
(Ord. 4667. Passed 7-13-94.)