MEMBER’S VOLUNTARY CONTRIBUTION. Any contribution made by a member voluntarily beyond the member’s salary reduction contributions. Any member may make voluntary contributions at a rate not to exceed 10% of his or her earned income during each year; provided, any highly compensated employee, as defined by Internal Revenue Service, may not make a voluntary contribution that exceeds by more than 2% the average of the percentage contributions of all non-highly compensated employees; and provided, further, no MEMBER’S VOLUNTARY CONTRIBUTIONS shall be made which do not conform to the requirements of Internal Revenue Code § 401(m), being 26 U.S.C. § 401(m) nondiscrimination test for matching contributions and employee contributions. For the purposes of the above phrase PERCENTAGE CONTRIBUTIONS, the term CONTRIBUTIONS shall include both the members’ salary reduction contributions and their voluntary contributions.
(Ord. 3148, passed - -1990)