Section 18-40 Contributions to the police retirement fund.

(a) Covered police employees shall be assessed and required to pay into the fund three and five-tenths (3.5) per cent of their compensation. “Compensation,”as used in this subsection, includes salary, wages, overtime pay, amounts contributed to a cafeteria plan under code section 125, amounts contributed to a deferred compensation plan under code section 457, amounts contributed to this plan on behalf of a covered employee and picked up by the city under code section 414(h), sick leave buy back payments, automobile allowance payments, and cash in lieu of vacation paid under section 19-129(b). Compensation does not include payment for unused vacation days or unused floating holidays, workers compensation payments, safety awards, or any other payment or benefit not listed in this subsection.

(b) The contributions of covered police employees shall be deducted from their biweekly compensation and placed in the police retirement fund . Deduction of contributions shall be a term and condition of employment; acceptance and continuance in employment shall be deemed to be the assent of an employee to deductions.

(c) The city shall pick up employee contributions required of covered police employees . The contributions so picked-up shall be treated as employer contributions in determining tax treatment under the code. The city shall pick up these contributions from funds established and available, which funds would otherwise have been designated as employee contributions and paid to the retirement fund.

P ursuant to section 414(h) of the code, these employee contributions so picked up shall not be included in gross income for tax purposes until such time as they are distributed by refund or benefit payment.

( d ) The city shall pay into the police retirement fund all amounts that are needed, in addition to the contributions of covered police employees, to make the fund actuarially and financially sound.

(Code 1964, § 9.1770; Ord. No. 9961, § 1, 10-3-88; Ord. No. 12868, § 1, 2-4-91; Ord. No. 13698 § 1, 6-7-93; Ord. No. 14982, § 1, 9-16-96; Ord. No. 15072, § 1, 12-2-96; Ord. No. 17444, § 1, 9-16-02; Ord. No. 018160, § 1, 7-6-04)

(Ord. 018160, Amended, 07/06/2004, Prior Text; Ord. 17444, Amended, 09/16/2002, Prior Text)