[Amended 9-23-2004 by Ord. No. 1558]
As a condition of participation hereunder, each participant shall be required to have contributions deducted from the participant's compensation and contributed to the plan. The rate of contributions shall be 5%. In addition, each participant shall pay $5 per month for the service increment, which amount shall be deducted on a pro rata basis from the participant's compensation as paid until the participant attains age 65 or terminates employment, whichever shall occur first. The participant contributions required under this § 57-74 shall be picked up by the employer and shall be treated as employer contributions pursuant to Code Section 414(h)(2).
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 XXIV.