§ 22-281. Method of financing.

(a)

There shall be deducted from the base salary of each member a sum in accordance with the following schedule, plus the prevailing rate of deduction for old age and survivors' insurance. Effective October 1, 2000, there shall be deducted from the base salary and educational incentive pay, if any, a sum in accordance with the following schedule.

Effective Date For Contribution	Rate of Employee Contribution (%)	Contribution Based on
All payroll periods ending on or after October 6, 1985.	7	Base pay
All payroll periods ending on or after October 1, 2000	7	Base pay plus educational incentive pay
All payroll periods ending on or after October 1, 2001	7	Base pay plus educational incentive, shift differential and acting supervisor pay
All payroll periods ending on or after September 27, 2004	7	Base pay plus educational incentive, shift differential, acting supervisor pay and up to 59 hours overtime per fiscal year (but not including payments for extra duty or a special detail for work performed on behalf of a second party employer during off duty hours, if any)
All payroll periods ending on or after September 24, 2007	7	Base pay plus educational incentive, shift differential, acting supervisor pay and up to 100 hours overtime per fiscal year (but not including payments for extra duty or a special detail for work performed on behalf of a second party employer during off duty hours, if any)
All payroll periods ending on or after September 29, 2014	7	Base pay plus educational incentive, shift differential, acting supervisor pay and up to 120 hours overtime per fiscal year (but not including payments for extra duty or a special detail for work performed on behalf of a second party employer during off duty hours, if any)

 

(b)

Each of the amounts shall be deducted and, when deducted, shall be credited to the appropriate fund. In addition to the contributions deducted from compensation as hereinbefore provided, any member who elects coverage in the retirement system in lieu of membership in the employees' retirement system, as provided in this division, may deposit in the retirement fund an amount equal to the total amount which would have been deducted from the base salary had the member been a member of the retirement system, and that, upon the deposit of such sum, creditable service for the specified period of membership shall be granted.

(c)

Any member may waive further contributions to the retirement system, if, at such time such member shall make the written request to the board, such member shall have attained a total retirement percentum equal to 60 percent of such member's earnings base, which earnings base shall be established as of the date of this waiver.

(d)

The City shall annually contribute to the retirement system an amount which, together with the contributions from active members and from such other income sources, will be sufficient to meet the normal cost of the system and to fund the actuarial deficiency, if any, in accordance with statutory laws. Except as permitted under the Code, no amounts may revert back the City.

(e)

All administrative expenses of the retirement system shall be paid directly from appropriations made by the City for that purpose.

(f)

(1)

The board shall be the trustee of the retirement fund created by this division and shall have full power to invest and reinvest such funds, subject to all terms, conditions, limitations and restrictions imposed by the laws of the State for the investment of trust funds; and, subject to like terms, conditions, limitations and restrictions, the board shall have full power to hold, purchase, sell, assign, transfer and dispose of any of the securities and investments to which any of the funds created in this division shall have been invested, as well as the proceeds of such investments and any moneys belonging to such funds.

(2)

The POD shall be the custodian of the retirement fund. All payments from such funds shall be made only upon regular City vouchers signed by two persons designated by the board. A duly attested copy of the resolution of the board designating such persons and bearing upon its face specimen signatures of such persons shall be filed with the POD as the authority for making payments upon the vouchers. No voucher shall be drawn unless it shall have been previously authorized by resolution of the board.

(3)

For the purpose of meeting disbursements for retirement incomes, retirement allowances and other payments, there may be kept on deposit available cash, not exceeding ten percent of the total amount in the retirement fund.

(Code 1973, § 22-130.14; Code 1992, § 22-257; Ord. No. 426-G, § 2, 6-15-2000; Ord. No. 490-G, § 3, 9-6-2001; Ord. No. 612-G, § 5, 9-18-2003; Ord. No. 891-G, § 3, 9-4-2008; Ord. No. 145-H, § 4, 12-4-2014)