(a) Contributions by employer.
(1) The employer shall contribute to the pension fund for investment at least such amounts as are necessary to satisfy the minimum funding standards of Act 205. The employer contribution shall include funds received by the employer through Act 205 of the laws of the Commonwealth of Pennsylvania (these funds must be contributed to the pension fund by the employer within thirty-one (31) days after receipt).
(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.
(b) Contribution by firefighters.
(1) Each member of the Department of Fire-Rescue shall pay to the pension fund, monthly, five percent of his or her salary, and the said monthly payment is hereby charged against each member of the Department of Fire-Rescue. The payment of the monthly sum and contribution by a member shall cease and terminate at the time the member receives the payment hereinafter provided for. Each member of the Department of Fire-Rescue authorizes the City to deduct the monthly payment from his or her monthly wage or salary and to pay the amount so deducted to the pension fund on behalf of said member.
(2) Each contributor, from and after October 2, 1986, shall pay into the pension fund a monthly sum in addition to the pension contribution in the above paragraph in the sum of one dollar ($1.00). This service increment contribution shall not be paid after a contributor has reached the age of sixty-five years. Service increment contributions shall be paid at the same time and in the same manner as pensions and may be withdrawn in full without interest by persons who leave the employment of the City subject to the same conditions by which the pension contribution in the above paragraph may be withdrawn or by persons who retire before becoming eligible to any service increment.
(3) Commencement of contributions. Participant 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 pension fund as they are contributed.
(4) Termination of contributions. Contributions shall terminate at retirement, disability, death or termination of employment. The contribution described in Section 288.03(b)(2) above shall be payable until the participant reaches age sixty-five.
(5) Return of contributions. If a participant terminates employment (without entitlement for an immediate benefit and without electing a vested benefit), he or she shall be entitled to the return of his or her contributions in accordance with the provisions of Section 288.08(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. 05-09. Passed 4-16-09.)