A. Policy And Purpose: It is hereby declared to be the policy and purpose of the Village to extend to the eligible employees thereof, effective as of January 1, 1951, the benefits of the Federal old age and survivors insurance system as authorized by the Federal Social Security Act and amendments thereto. In pursuance of said policy, and for that purpose, the Village President shall take such action as may be required by applicable State or Federal laws or regulations. (1993 Code p. 30 § 401.5)
B. Agreement With State: The Village President is hereby authorized and directed to execute an agreement with the State employee retirement system of the State (Social Security Division) to secure coverage of eligible employees as provided in subsection A of this section. (1993 Code p. 30 § 401.5; amd. 2006 Code)
C. Withholdings: Withholdings from salaries or wages of employees for the purpose provided in subsection A of this section are hereby authorized to be made in the amounts and at such times as are designated by State laws or regulations.
D. Contributions: Employer contributions and administrative expense shall be paid to the State agency in accordance with applicable State laws and regulations from amounts appropriated for such purposes. (1993 Code p. 30 § 401.5)
E. Records And Reports: The Village Clerk shall maintain such records and submit such reports as may be required by applicable State and Federal laws or regulations. (1993 Code p. 30 § 401.5; amd. 2006 Code)