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(a) As of December 21, 1983, the city shall adopt, for the benefit of and on behalf of the current employees of the department of community development, an agency of the city, the employee's pension plan and trust previously established by the agency on January 13, 1970, as amended.
(b) (1) Effective on January 10, 1984, continued participation in the department of community development employee's pension plan and trust will be limited to those employees who have attained 55 years of age on that date and are currently employed by the department of community development. The plan shall be funded with contributions to be made by the city in the same net percentage as that made on behalf of the general members under the city Employee's Retirement System together with employee contributions to be deducted from community development employee's compensation in the same percentage as that contributed by other general members of the city Employee's Retirement System, not to exceed 5% of the compensation paid to the employees by the city, unless increased by a two-thirds majority vote of the members of the retirement board.
(2) The remaining members, except those mentioned in this section, along with any other current employees and any future employees, will start their years of service effective on January 10, 1984, and participate in the city Employee's Retirement System in the same manner and upon the same conditions as other general members of the city's Employee's Retirement System.
(c) All future employees of the department of community development shall be ineligible to participate under the department of community development employee's pension plan and trust.
(d) The department of community development employee's pension plan and trust shall continue to provide benefits to its participants upon death, retirement or termination of employment from the agency, until a time as all funds have been distributed from the trust or until an earlier time as authorized by the council.
(e) A copy of the employee pension plan of the department of community development is on file in the city clerk of records' office.
(1992 Code, § 35-58) (Ord. 102-83, passed 12-12-1983; Ord. 78-84, passed 5-3-1984; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)