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"Compensation" means the wage or salary paid an employee for any period excluding expense allowances, but including employee contributions to the police and ~remen's retirement fund treated as employer contributions under Section 2.62.050. "Service" means the time employed in either the police department or the fire department, or a combination of the two; and such employee has contributed to this uniformed pension plan during such time. "Widow" means the spouse of a member at the date of his or her retirement or at the date of his or her death if he or she dies before retirement. 3. Section 2.62.050 is amended to read as follows: 2.62.050 Contributions from members generally Each employee shall be assessed and required to pay into the police and firemen's retirement fund, created pursuant to this chapter, a sum equal to (i) in the case of an employee for whom an Investment Account is established under Section 2.62.051 (A), five percent of his or her compensation; or (ii) in the case of any other employee, five percent of the base salary. An employee described in (ii) of the preceding sentence who has contributed for thirty (30) years to this fund shall be excused from any further contributions to the fund. The city, in making up its payroll for members of the police and fire departments, shall be authorized and required to deduct from the compensation due 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 fund, to be paid to the treasurer of the board of trustees of the police and firemen's 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 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 Chapters 2.60 or 2.64. 4. Section 2.62.051 is added as follows: 2.62.051 Investment Accounts. An individual Investment Account shall be established within the police and ~remen's retirement fund by the board of trustees for each employee who is in service on or after September 1, 2000, except as otherwise elected by any such employee who is in service on or before May 1,2001 in accordance ~vith rules and procedures established, and upon forms provided, by the board of trustees. Investment Accounts shall be separate accounts described in the Internal Revenue Code, Section 414(k). 124253805 - 2 -