A fire employee's salary or earnings shall be the compensation paid
by the Town to the fire employee as shown on the W-2 Form submitted
to the Internal Revenue Service and shall be determined without regard
to any reductions pursuant to Section 125, 414(h)(2) or 457 of the
code. Such contributions shall be deducted from each fire employee's
pay by the Town and shall be paid immediately by it to the plan.
A fire employee's obligation to contribute to the plan shall cease
after he has contributed for a period of 30 years or has accumulated
30 years of credited service.
Pursuant to the provisions of Section 414(h)(2) of the Internal Revenue Code of 1986, as amended, the Town shall assume and pay the employee contributions required by Subsections A and B above which would otherwise be payable by employees who are employed by the Town in an administrative capacity in the general government portion of the budget and whose employment is not subject to the terms of a collective bargaining agreement with respect to salary or earnings on account of service on and after August 1, 1991. Commencing April 13, 2001, all employee contributions required by Subsection A above will be subject to the provisions of Section 414(h)(2) of the Internal Revenue Code of 1986. Employee contributions so paid by the Town shall be paid from the same source of funds used for the payment of compensation to employees, and a deduction shall be made from each employee's salary or earnings equal to the amount of the employee's contribution so paid by the Town.
Employee contributions paid by the Town shall be accounted for separately from employee contributions not so paid but shall, nevertheless, be treated as employee contributions for purposes of Article XVII, § 51-48, hereof. In no case shall an employee for whom contributions are paid by the Town pursuant to this Subsection C have the option of receiving such amounts in salary or earnings from the Town.
During the period commencing on October 1, 1956, and continuing
thereafter, the Town shall annually contribute an amount based on
an annual actuarial survey.