(A) The city offers a simple IRA. This is a type of tax-deferred employer provided retirement plan that allows employees to set aside money and invest it to grow for later use, which is more particularly described as follows:
(1) The city's simple IRA is a type of individual retirement account (IRA) that is set up to be an employer provided plan.
(2) The plan is available to full-time employees who meet the hourly work and wage requirements.
(3) The IRS contribution limit for a simple IRA is determined by the IRS. Complete details are available through the city's financial advisor.
(B) The city participates in the federal social security program and will contribute a percentage of salary, to the extent required by law, to the Social Security Administration for each employee.
(Ord. 5-11-2023-A, passed 6-8-2023)