§ 2-97.14. Same—By employees.

(a)

Each member shall be required to contribute five (5) percent of his or her compensation from his or her pay each pay period on a pretax basis, one and one-quarter (1.25) percent of which shall be applied to the firefighter retiree health account. In the event that the city's pension actuary annual report reflects a pension fund funding ratio of less than one hundred seventy-five (175) percent, employee contributions shall revert back to six (6) percent with no employee contribution to the firefighter retiree health account. Upon any subsequent return of the pension fund's funding ratio to one hundred seventy-five (175) percent or more, as reflected in the city's pension actuary annual report, employee contributions shall return to five (5) percent with one and one-quarter (1.25) percent of such contributions applied to the firefighter retiree health account. Employee contributions towards the firefighter retiree health account shall be irrevocable and non-refundable. A member who has made member contributions for twenty-five (25) years or more shall not be required to make contributions under this subsection.

(b)

Effective January 13, 2000, the city, in accordance with the provisions of Section 414(h)(2) of the Code, and so long as legally permissible, shall "pick-up" member contributions described in subsection (a) for all members. Such pick-up contributions shall be in lieu of member contributions. The city shall pick-up these contributions by an equivalent reduction in the base salary of the member. A member shall not have the option of electing to receive the contributed amounts directly; such amounts must be paid to the retirement system. The contributions so picked up by the city shall for all purposes (including the determination of compensation under the retirement system) be considered to be included in a member's compensation and shall for all purposes be treated in the same manner and to the same extent as contributions made prior to the effective date of this provision (with the exception for purposes of applicable federal and/or state income tax if such contributions are refunded to the member).

(c)

Any terminated member, by written notice filed with the retirement board, may elect at any time to withdraw his or her own contributions to the retirement fund. Any such terminated member who shall so elect to withdraw his or her own contributions shall have no further rights whatsoever in and to any benefits under subsection 2-97.17(c) regardless of his or her number of years of continuous service, and shall not be entitled to any other benefits under this division.

(Ord. of 4-10-07; Ord. of 10-10-17)