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(a) Contributions by employer.
(1) The employer shall contribute to the plan for investment at least such amounts as are necessary to satisfy the minimum funding standards of Act 205.
(2) The expenses of administering the plan may be paid directly by the employer if it so elects. Otherwise such expenses shall be paid out of the Pension Fund.
(1) Except as may be modified through collective bargaining, participants shall contribute monthly an amount equal to:
A. Four percent of monthly compensation, plus
B. One percent of monthly compensation for the widow's benefit, plus
C. Up to one-half percent of monthly compensation not to exceed twelve dollars ($12.00) per year for the service increment which shall be contributed until a participant reaches age sixty-five.
(2) No participant shall have the option of choosing to receive these contributions in cash instead of having them paid by the employer to the plan.
(3) Commencement of contributions. Contributions commence with the employer pay period coincident with or next following the entry date upon which an employee completes the forms necessary to authorize the employer to deduct the contributions required by this section from the pay of the participant. The employer shall deposit these contributions to the plan as they are contributed.
(4) Termination of contributions. Contributions shall terminate at retirement, disability, death or termination of employment. The contribution described in Section 287.03(b)(1)C. above shall be payable until the participant reaches age sixty-five.
(5) Return of contributions. If a participant terminates employment prior to achieving a vested interest in the plan, he or she shall be entitled to the return of his or her contributions in accordance with the provisions of Section 287.08(b).
(6) Pick-up contributions. The employer may by resolution designate employer contributions as pick-up contributions pursuant to Section 414(h)(2) of the Code.
(Ord. 07-09. Passed 4-16-09; Ord. 01-15. Passed 2-19-15.)