(A) For any city police officer or firefighter, eligible under the terms hereof, filing with the Finance Director/City Clerk/Tax Administrator a form electing to purchase in his or her own behalf an individual retirement account, and designating thereupon the insurance company with which he or she desires to purchase the account, the city shall contribute up to five percent (5%) of the gross income of such police officer or firefighter as a contribution toward the purchase of an individual retirement account.
(B) The Finance Directory/City Clerk/Tax Administrator is authorized to withhold from the gross income of any city police officer or firefighter electing to purchase an individual retirement account the percentage of the gross income designated by that police officer or firefighter as his or her personal contribution toward the purchase of an individual retirement account and to add five percent (5%) of the employee’s gross income as the city’s contribution, and to forward the total on a monthly basis to the individual insurance company, or its duly authorized agent, pursuant to such a salary savings plan agreement as may be executed by the individual company and the city, for application to the individual account.
(C) The contributions by the city toward the purchase of an individual retirement account shall be limited to police officers and firefighters under the age of fifty-five (55) years as of the date of enactment of this section.
(D) Individuals electing to purchase individual retirement accounts shall retire on or before the day they reach the age of seventy and one-half (70-1/2) years.
(E) The city shall have no reversionary interest in and to funds contributed by the city on behalf of any employee toward the purchase of individual retirement accounts.
(F) Individual employees may elect the funding medium for their individual account, choosing from either a pension annuity program or an endowment at age sixty-five (65) life insurance contract to provide retirement benefits, or a combination of these two (2).
(G) Police officers or firefighters who retire with over twenty-five (25) years of service and who were employed by the city as of August 25, 1975, and who retire at the age of sixty-five (65) or older, shall be paid the sum of five hundred dollars ($500.00) per month, for life, from general city funds as a pension benefit.
(Ord. 1-75-011, passed 8-25-75; Am. Ord. 320.7, passed 4-26-82; Am. Ord. 86-0-017, passed 10-13-86)
(H) No individual shall be eligible for these payments who retires prior to age sixty-five (65), or who fails to remain employed by the city for twelve (12) months from and after the date of the enactment hereof. Notwithstanding any provisions herein, the city may, at its option, elect to purchase a five percent (5%) individual retirement account on any such individual for the duration of his employment with the city, and to contribute from general funds the difference between the annuity contract and the sum of five hundred dollars ($500.00) per month.
(I) The Mayor and Finance Director/City Clerk/Tax Administrator are hereby authorized to execute such salary savings plan agreements, or other documents with individual life insurance companies as may be necessary to affect that company’s participation in the within program, that company having been designated by an employee eligible hereunder.
(Ord. 1-75-011, passed 8-25-75)