Sec. 120.503A. - Contributions.

Member contributions shall be eight percent of earnable compensation as defined in Section 120.201 (l) of the Ordinance Code. Member contributions shall be picked-up rather than contributed as provided in Section 414(h) of the Internal Revenue Code. A portion of the Member contributions, equal to 0.3 percent, shall be used to fund the disability and survivor benefits outlined below. The City shall contribute the minimum amount necessary to maintain the City's exemption from Social Security, but not less than 7.7 percent of earnable compensation. On and after October 1, 2017, the City's contribution shall be 12 percent. A portion of the City contributions, equal to 0.3 percent, shall be used to fund the disability and survivor benefits outlined below; however, the City shall contribute such additional sums, as necessary, to fund the disability and survivor benefits on a sound actuarial basis. Members may make additional contributions on an after-tax basis, to the extent permitted by law. Members may also rollover to the GEDC plan benefits accrued in other qualified plans consistent with the then prevailing provisions of the Internal Revenue Code. Members actively employed by JEA on the effective date of a Recapitalization Event, as defined in Section 120.201 (hh), who are members of the GEDC Plan, will be deemed separated from service on that date and deemed fully vested in their employer contributions and earnings credited to that date pursuant to Section 120.504A . JEA will make no further contributions to the GEDC plan on behalf of such members following a Recapitalization Event. (Ord. 2017-258-E , § 1; Ord. 2019-566-E , § 1)