§ 2-1396.2. Definitions.

The following words and phrases as used in this division shall have the following meanings, unless a different meaning is plainly required by the context:

Board means the board of trustees of the trust as provided for in section 2-1365 of the City's Code of Ordinances.

Code means the Internal Revenue Code of 1986, as amended, and includes any regulations promulgated thereunder.

Compensation means the basic monthly wage or salary paid an employee excluding bonuses, overtime, expense allowance and other extraordinary compensation. Compensation shall include amounts contributed to any plan maintained by the employer pursuant to a salary reduction agreement where the member could have elected to receive such amount as base compensation. Annual compensation means compensation defined in code section 415(c)(3) and section 1.415-2(d) of the treasury regulations.

Employee means any person who performs services for the city whom compensation is paid on a regular basis.

Investment options means any funding vehicle which the board permits under the terms of the program.

Participant means an eligible employee who has elected to enroll in the program and who retains the rights to benefits under the program.

Plan means a plan described in code section 401(a) of the Internal Revenue Code adopted by the board on behalf of the city for the benefit of employees.

Program means this Kansas City employees' money purchase pension plan as set forth herein and as may be amended from time to time. The term "program" also encompasses the term "plan."

Termination means resignation or discharge of employee from service of the employer.

Trust means the Kansas City employees' money purchase pension plan trust established pursuant to the program.

(Ord. No. 110220, § 1, 5-26-11)