EMPLOYER’S REGULAR CONTRIBUTION. The amount deposited with the company by the employer on behalf of a member as provided in this section. The employer’s regular monthly contribution for each member shall be an amount equal to 3% of the member’s earned income. With respect to each member who shall be entitled to past service benefits, the employer also shall deposit, prior to the time when payment of such benefits is to commence, an amount or amounts sufficient to purchase a straight-life monthly annuity for such member as provided in this article.
(Ord. 3148, passed - -1990)