(a) Each eligible employee who becomes a participant shall defer 4.5% of his or her compensation for each plan year, and the City shall credit such participant contribution to the participant’s investment account. The City shall further credit to the investment account of each participant an amount equal to 3.0% of such participant’s compensation for the plan year. The 4.5% of compensation deferred by the participant and the 3% of compensation credited by the City shall total 7.5% of the participant’s compensation for the plan year.
(b) For any calendar year, total participant contributions plus City contributions credited to the participant’s investment account shall not exceed the lesser of (1) $7,500, as adjusted for the cost-of-living in accordance with Internal Revenue Code section 457(e)(15) for taxable years beginning after December 31, 1996, or (2) 33-1/3 percent of the participant’s compensation.
(c) The Controller shall cause such deferrals and City contributions to be made for each payroll period during which the employee is a participant in the Plan.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: Subsec. (b) Ord. No. 172,105, Eff. 7-14-98.