An employee for whom contributions to an individual retirement account
are authorized under this article is a full-time employee of the Borough
who is not represented by a collective bargaining agreement with the
Borough and who has had one year or more of full-time service with
the Borough as an employee as of December 31 of any year in which
this article is in effect.
As used in this article, "full-time employee" means an employee who
is regularly scheduled to work more than 30 hours per week and who
actually performs not less than 1,000 hours of service as of December
31 of any year in which this article is in effect.
As soon as possible after December 31 of each year, the Borough shall
contribute to the individual retirement account established at First
Federal Savings by each employee qualified to participate in this
plan an amount determined by years of service and a percentage of
the base salary of the employee (excluding overtime compensation)
paid during the year ending on such December 31, provided that the
employee has had at least one year of service on or before January
1 in that year. If the one-year service requirement is met at some
point during the year, the contribution shall be based on the base
salary paid from the date the one-year service requirement is met
until the following December 31. Contributions shall be based on the
following schedule:
Notwithstanding the provision in Subsection A hereof for a contribution of a percentage of the employee's base salary, no contribution shall be made on behalf of an employee which exceeds $2,000 in a calendar year.
[Amended 12-20-1982 by Ord. No. 1006]
This article is intended to provide additional compensation
to those employees qualifying under this article for contribution
to their individual retirement accounts in accordance with Section
408(a) of the Internal Revenue Code.