(a) “Administrator” means a duly authorized designee for the purpose of acting as the City’s agent with respect to the Plan. The General Manager of the Personnel Department shall be the Plan Administrator, however, the City may elect to contract with one or more firms to provide services related to the Plan.
(b) “Beneficiary” means any person, trust, firm, or corporation or any combination thereof, designated by a participant to receive benefits under the Plan.
(c) “City Contribution” means an amount equal to 3.0% of a Participant’s Compensation that is credited by the City as deferred compensation to such participant’s Book Account (also referred to as Investment Account) in the Plan.
(d) “Code” means the Internal Revenue Code of 1986, as amended.
(e) “Compensation” means all wages or salaries to be paid to an employee for services rendered, without deduction for any portion thereof deferred under the provisions of this Plan, but shall not exceed the contribution and benefit base determined under Section 230 of the Social Security Act for such Plan Year.
(f) “Eligible employee” means any part-time, seasonal or temporary officer or employee of the City who is not a member of any other City Retirement plan.
(g) “Employer” or “City” means all offices, bureaus and departments of the City of Los Angeles and included departments which have control of their own definite revenues.
(h) “Normal Retirement” means a Participant’s separation from service at an age no earlier than the earliest age of voluntary retirement without actuarial or similar reduction for an employee similarly situated who is a member of the Los Angeles City Employees’ Retirement System, and no later than age 70 1/2.
(i) “Participant” means any eligible employee or officer of the City who is a member of the Pension Savings Plan.
(j) “Participant Contribution” means an amount equal to 4.5% of a participant’s compensation that is deferred and credited to such participant’s Investment Account in the Plan as a term and condition of the Participant’s employment with the City.
(k) “Plan” means the City of Los Angeles Pension Savings Plan, the terms and provisions of which are herein set forth, as the same may be amended from time to time.
(l) “Plan Year” means each 12-month period beginning on January 1 and ending on December 31.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: Subsec. (a), Ord. No. 170,512, Eff. 6-10-95; Subsec. (h), Ord. No. 173,272, Eff. 6-25-00, Oper. 7-1-00.