A.
It is hereby declared to be the policy and purpose of the City to extend, at the earliest date, to the employees and officials thereof, not excluded by law or this section, and whether employed in connection with a governmental or proprietary function, the benefits of the system of federal old age and survivors insurance, as authorized by the Federal Social Security Act and amendments thereto, including Public Law 734, 81st Congress. In pursuance of such policy, and for that purpose, the City shall take such action as may be required by applicable state or federal laws or regulations.
B.
There is hereby excluded from this section and the benefits extended hereby any authority to make any agreement with respect to any position, or any employee or official, compensation for which is on a fee basis, part time, or any position or any employee or official not authorized to be covered by applicable state or federal laws or regulations.