Ordinance 3023 - Laserfiche WebLink

• • 3. +.mployes who have entered or who may hereafter enter the service of the City et an age great,r then that of Sixty (60) years, at nearest birthday. (c ) It shell be the duty of the head of each office or department of the City to give immediate notice in writing to the Board of Administration of the change in status of any member of his office or department, resulting from transfer, promotion, leave of absence , resignation, reinstatement, dismissal or death. The head of each office or department shall furnish such other information concerning any member ES the Board may require . (d) Each member shall be subject to all the provisions of this Ordinance and to all the rules and regulations adopted by the Board of .-.dr:.inistration. Shoulu the city service of any member, in any period of ten consecutive years, amount to less than five years , or should he withdraw more than one-Quarter of his accumulated normal contributions, or should he die, resign, or be dismissed , he shell thereupon cease to be a member. Section 5. CONTRIBUTIONS: (a ) The normal rates of contributions of members shall be those adopted by the Board of Administration subject to the approval of the City Council, end such rates shall be based on sex and on F ge of entry into the Retirement System, which age shell be the age at the birthday nearest the time of entry into the system. The rates so adopted shall remain in full force and effect until revised or changed by the Board of =7dministration in the manner provided in Section 7 of this Ordinance . The normal rates of Contribution shall be so fixed as to provide en annuity which, together -:ith the pension provided by the City, shall give as nearly as may be a retirement allowance at the age of sixty- two (62 ) years , of one and one-third percent of the final compensa- tion multiplied by the number of years of service of the retiring employe. The normal rate of contribution established for age Twenty (20 ) shall be the rate for any member who enters the Retirement System et an earlier age, and the rate for age Sixty (60 ) shall be used for those employes who on account of prior service , enter the service Et en age of Sixty (60) . (b) Subject to the provisions of this Ordinance , the Board of Administration shall adopt rules and regulations governing the making of deductions from the compensation of employes and shall certify to the head of each office or department the normal rate of contribution for each member provided for in Subdivision (a) of this section. The head of each department shall apply such rate of contribution to the compensation of each member and shall certify to the City Clerk on each end every payroll the amount to be con- tributed and shall furnish immediately to the Board a copy of each and every payroll ; and each of said amounts shall be deducted by the City Clerk and shall be paid into the Retirement Fund, herein- after provided for, end shall be credited by the Board to en individual account of the member for whom the contribution was mad: . In addition to the contributions of the members, a deduction of Twenty-five Cents (250) per month per employe ( or such other amoun' as the Board may subsequently determine , subject to the approval of the Council) shall be made for the expenses of administration of the System, such amount to be matched by the City and paid into a Retirement System expense account maintained by the Board for such purpose . -4-