Sec. 120.503C. - Contributions.

Member contributions shall be ten percent of earnable compensation as defined in Section 121.113 (a)(1) 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 25 percent of earnable compensation. 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 PFDC plan benefits accrued in other qualified plans consistent with the then prevailing provisions of the Internal Revenue Code. General administrative fees will be paid by the City. Fees charged to individual accounts will be paid by the employee. (Ord. 2017-258-E , § 1)