[Amended 1-9-2003 by Ord. No. 1532]
As a condition of participation hereunder, each
participant who is not a laborer paid a per diem wage shall be required
to have contributions deducted from the participant's compensation
and contributed to the plan at a rate of 5% of the participant's monthly
compensation. Each participant who is a laborer paid a per diem wage
shall be required to contribute 5% of compensation and 5% of any benefit
received from this plan after his/her retirement.
The chief administrative officer, in accordance
with the Act, shall annually determine the minimum municipal obligation
of the employer. The employer shall pay into the pension fund, by
annual appropriations or otherwise, the contributions necessary to
satisfy the minimum municipal obligation. Notwithstanding the foregoing,
nothing contained herein shall preclude the employer from contributing
an amount in excess of the minimum municipal obligation.
General municipal pension system state aid or
any other amount of state aid received by the employer in accordance
with the Act from the commonwealth may be deposited into the pension
fund governed by this plan and shall be used to reduce the amount
of the minimum municipal obligation of the employer.
The Council is authorized to take by gift, grant,
devise or otherwise any money or property, real or personal, for the
benefit of the plan and cause the same to be held as a part of the
pension fund. The care, management, investment and disposal of such
amounts shall be vested in the Council or its delegate, the plan administrator,
subject to the direction of the donor and not inconsistent with applicable
laws and the terms of the plan.
At no time shall it be possible for the plan assets to be used for or diverted to any purpose other than for the exclusive benefit of the participants and their beneficiaries, except that contributions made by the employer may be returned to the employer if the contribution was made due to a mistake of fact and the contribution is returned within one year of the mistaken payment of the contribution or the plan is terminated, as provided in Article XI.
