(a) Pursuant to the provisions of Section 4.1508 of this chapter, the employer shall make employee contributions on behalf of affected employee, and such contributions shall be treated as employer contributions in determining tax treatment under the Internal Revenue Code. Such contributions shall be made by the employer in-lieu of employee contributions.
(b) Employee contributions made under Subsection (a) of this section shall be paid from the same source of funds as is used in paying wages to affected employees.
(c) For all purposes other than taxation, employee contributions made by the employer under Subsection (a) of this section shall be treated in the same manner and to the same extent as employee contributions made prior to the operative date of this chapter.
(d) No provisions in this chapter shall be construed so as to permit or extend an option to affected employees to directly receive the contributions made by the employer pursuant to Subsection (a) of this section instead of having such contributions paid to a pension system.
SECTION HISTORY
Added by Ord. No. 171,444, Eff. 1-20-97. (The provisions of this Ord. shall not become operative until the first day of the payroll period which includes January 1, 1997.)