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An eligible employee shall automatically become a participant in the Plan on the later of (i) the effective date of the Plan or (ii) the date of commencement of employment status which causes the employee to become eligible for participation in the Plan. An agreement for participation shall be executed for each participant as a condition of employment. An eligible employee shall cease to be a participant upon termination from City service or on the commencement of participation in one of the City’s other retirement or pension plans. An eligible employee shall cease to be a participant upon the distribution of the participant’s interest in the investment account.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
(a) Each eligible employee who becomes a participant shall defer 4.5% of their 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.
The City shall establish a separate City fund (the “Pension Savings Investment Fund”) as a method of setting aside a portion of its assets to meet the City’s obligations under the Pensions Savings Plan. All participant and City contributions shall be invested in this fund and shall be held by the City in trust for the exclusive benefit of participants and their beneficiaries in accordance with the terms and conditions of the Plan, and for defraying reasonable expenses of administration of the Plan. Neither the existence of the Plan, nor of the trust nor of the Investment Fund shall entitle any participant, beneficiary or other person to a claim or lien against the assets of the Investment Fund, the Plan or the trust. The participants and their beneficiaries shall have only the right to receive the benefits payable under the Plan as provided in this chapter.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: In Entirety, Ord. No. 172,105, Eff. 7-14-98.
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