[Adopted 12-24-1979 by Ord. No. 942 (Sec. 260.04 of the 1982 Code)]
A. 
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.
[Amended 12-24-1979 by Ord. No. 949]
B. 
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.
[Amended 10-6-1986 by Ord. No. 1075]
A. 
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:
Length of Service
(years)
Percentage of Base Salary
1 to 5
5%
6 to 10
6%
11 to 15
7%
16 to 20
8%
21 or more
10%
B. 
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.