[Amended 5-19-2020 by Referendum]
The Finance Department of the City shall, on the first day of each calendar month, notify the Board of the employment, or the entering into office of new City officers and employees, and shall submit to the Board a statement showing the name, sex, title, date of birth, compensation, duties, and commencement date of each of such new City officers and employees, and shall also certify to the Board, at the same time, all removals, withdrawals, and changes in salary of any member of the officers and employees’ retirement system, which shall have occurred during the preceding month.
A. The Finance Director or his designee has cause and shall continue to cause to be deducted on each and every payroll of a member for each and every payroll period subsequent to November 1, 1946, the following per centum of the total amount of salary earned by each member, in such payroll period in accordance with the provisions of this part, which sum so deducted shall be applied to the purposes provided for by this part.
B. The Finance Director or his designee shall pay each of the amounts so deducted into the Treasury of the officers and employees’ retirement fund, and he shall transmit to the Pension Administrator each pay period a detailed statement of all amounts so paid in.
Single | Married | |
Single coverage | 3% | 3 1/2% |
Single coverage + increments | 3 1/2% | 4% |
Joint coverage | 3 1/2% | 4% |
Joint coverage + increments | 4% | 4 1/2% |
Dual coverage | 5% | 5 1/2% |
Dual coverage + increments | 5 1/2% | 6% |
C. Single coverage is a deduction for pension only (does not include Social Security). This coverage is no longer available (since September 1959). Joint coverage includes Social Security but is subject to a 40% of Social Security deduction to be applied against the City pension. This offset can be eliminated by payment of 1 1/2% of the salary earned since January 1960 or date of employment, whichever is the earliest date. Upon payment of the offset, the coverage is then known as "dual coverage," which entitles the employee to pension and Social Security without deduction of the offset.