§ 2-1395.12. Employer contributions.

Latest version.

(a)

Amount. The city shall contribute ten percent of compensation.

(b)

Method. City contributions shall be promptly remitted to the board.

(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. 110219, § 1, 4-14-11)

                    
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