§ 2-1396.12. Employer contributions.

Latest version.

(a)

Amount. The city shall contribute 12 percent of compensation.

(b)

Method. City contributions shall be promptly remitted to the board. However, forfeitures may be utilized by the city to offset contribution requirements under the plan.

(c)

Vesting. Employer contributions made to the accounts of participants shall always be immediately and fully vested.

(d)

Trust. The assets of the plan shall be held in trust by the board. The trust is intended to be tax exempt under code section 501(a).

(Ord. No. 110220, § 1, 5-26-11)

                    
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