This Pension Savings Plan is designed to provide retirement benefits for certain part-time, seasonal and temporary employees of the City of Los Angeles who are not members of the Los Angeles City Employees’ Retirement System, the Fire and Police Pension Plans or the Water and Power Employees’ Retirement Plan. The plan is provided to employees in lieu of participation in the Social Security System. The Plan is intended to comply with Section 457 of the Internal Revenue Code of 1986, the Omnibus Budget Reconciliation Act (OBRA) of 1990, and applicable Treasury regulations. The Plan shall be considered an employee benefit plan or savings plan for purposes of California Civil Code Section 5106(b), as amended from time to time, or its successor sections.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: First Sentence, Ord. No. 173,272, Eff. 6-25-00, Oper. 7-1-00.