Each participant shall, as a requirement of
participation, pay regular contributions to the Pension Fund in an
amount equal to 3.5% of the participant's compensation, up to the
federal social security old age, survivors and disability insurance
taxable wage, based on and equal to 5% of the participant's compensation
in excess of that amount. Each participant shall complete the necessary
forms to authorize the payment of participant contributions by way
of payroll deduction.
Notwithstanding the preceding §
23-5, if an actuarial study performed by the actuary shows that the condition of the Pension Fund is such that payments into the Pension Fund by participants may be reduced below the minimum percentages prescribed in §
23-5, or may be eliminated, and that if such payments are reduced or eliminated, contributions by the employer will not be required to keep the Pension Fund actuarially sound, the employer may, by ordinance or resolution, reduce or eliminate payments into the Pension Fund by participants. As of the restatement date, participant contributions were reduced to an amount equal to 2.2% of compensation.
The actuary, in accordance with the Act, shall
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.
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.