§ 31-66. Contributions by members.

(a)

From January 1, 1983, through December 31, 2012, no contributions to the reserve shall be required or permitted to be made by members, except as otherwise provided in this division.

(b)

As of the first payroll period commencing after January 1, 2013, all members, other than city council and members who are employees of the school board, shall contribute five (5) percent of such member's compensation (as defined in section 31-25) for each pay period for which the member receives compensation. The participating employer shall deduct from the member's compensation the required contribution by salary reduction pursuant to IRC section 414(h) on a pre-tax basis. Member contributions under this section 31-66 shall be deemed "picked up" by the participating employer and shall be treated as employer contributions for tax purposes.

(c)

As of the first payroll period commencing after July 1, 2013, all non-VRS members who are employees of the school board shall contribute two (2) percent of such member's compensation (as defined in section 31-25) for each pay period for which the member receives compensation through June 30, 2014. Thereafter, contribution levels for such members shall be determined at the discretion of the school board but shall be increased by no less than one (1) percent for each succeeding fiscal year and such employee contributions shall equal five (5) percent of the member's compensation no later than July 1, 2016. The school board shall deduct from the member's compensation the required contribution by salary reduction pursuant to IRC section 414(h) on a pre-tax basis. Member contributions under this section 31-66 shall be deemed "picked up" by the participating employer and shall be treated as employer contributions for tax purposes.

(Ord. No. 2709-80; Ord. No. 2971-82; Ord. No. 6434-07, § 1; Ord. No. 6923-12, § 1)

(Ord. No. 2709-80; Ord. No. 2971-82; Ord. No. 6434-07, § 1; Ord. No. 6923-12, § 1)