6925 - Laserfiche WebLink

Home Browse Search

is i s each employee for each payroll period a sum representing five percent of the base salary or the employee's compensation, as applicable, such deduction to be placed in a special B; fund, to be paid to the treasurer of the board of trustees of the police and firefighters' t retirement fund created pursuant to Chapter 2.50. The employee contribution hereunder shall be, within the meaning of the Internal Revenue Code, Section 414(h)(2), treated as picked up by the city and therefore treated as employer contributions. Each employee of the police and fire departments shall execute and deliver to the proper official of the city an authorization in proper form for the deduction herein described, and no person shall be I; employed as a member of the police or fire department unless the employee shall execute such authorization. Any employee of either of such departments refusing to execute such authorization shall be ineligible to receive any of the benefits provided by this chapter or Chapter 2.60 or 2.62. i 2.62.400 Normal Service Retirement t A member of the uniformed fund may retire after attaining the age of fifty (50) years and t` after completion of twenty-five(25) years' membership in the uniformed fund. g 2.62.405 Retirement Benefits Generally—Schedule i Subject to the offset provisions contained in subsections F and G of this section, there shall be paid to each employee found eligible to retire, and to the employee's spouse and children, as provided in Section 2.62.400 or 2.62.410 from this fund herein created, or by workers' compensation benefits or a combination of both, when approved by the board of f trustees, the following benefits: A. To an employee retired after January 1, 1993, on account of age, length of i service and length of time in this fund, as set forth in Section 2.62.400, a monthly benefit according to the following: 1 i Years of Service Years of Membership Percentage of Base in Fund Monthly Salary I 25 25 65% 26 26 66% 27 27 67% 28 28 68% 1 29 29 69% 30 or more 30 or more _ 70% 1 B. To an employee retired on account of age and service as set forth in Section 2.62.410, a monthly benefit according to the employee's attained age at his or her last birthday as follows: 1 I Restated Police Pension Plan–City of University City Page 9 i